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INTERVIEW: Liberty Star $LBSR Provides Update on Hay Mountain With Renewed Emphasis on “Great Cluster” #Copper $TMBXF $MIN.ca

Posted by AGORACOM-JC at 2:24 PM on Wednesday, November 28th, 2018

Liberty Star $LBSR Releases Hay Mountain Technical Report

Posted by AGORACOM-JC at 11:28 AM on Monday, November 19th, 2018

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  • All critical land is acquired and the release is now made.
  • Report is organized according to the format and style of Canadian NI 43-101, authored by Jan C. Rasmussen Ph.D., R.G. and reviewed by Corolla Hoag Registered Geologist and Tucson SRK Manager.
  • An extract of that report is located on the Liberty Star website

TUCSON, AZ, Nov. 19, 2018 — Liberty Star Uranium & Metals Corp. (“Liberty Star”) (OTCPK: LBSR) is pleased to announce the release of the Hay Mountain Project Technical Report submitted by SRK Consulting and held in confidence due to exploration activity in the area. All critical land is acquired and the release is now made. The report is organized according to the format and style of Canadian NI 43-101, authored by Jan C. Rasmussen Ph.D., R.G. and reviewed by Corolla Hoag Registered Geologist and Tucson SRK Manager. An extract of that report is located on the Liberty Star website.

The Report recommended additional technical work including drilling Hay Mountain targets to determine if the indicated copper presence will lead to a bankable feasibility study and a commercially viable resource can be defined.

Key Points:

  • Hay Mountain is a porphyry copper deposit related to a fracture system in an eroded caldera margin.
  • LBSR exploration to date has been regional-scale airborne geophysical surveys, geochemical and biogeochemical surveys.

After the compilation of the SRK technical report, Liberty Star conducted the recommended detailed surface and subsurface studies including additional vegetation geochemical sampling, geophysical ZTEM surveys, and XRF geochemical analysis. These studies serve as confirmation of the SRK technical report recommendations and have led Liberty Star to plot and permit specific drilling targets to carry out additional technical report recommendations. Drilling will begin once appropriate resources are in place.

Key Indicators: The USGS publication of the map (USGS Publication Circular 1380, Chapter 7)
identifies historic production from at least 37 porphyry copper mines in SE Arizona and Northern Mexico in an area identified as the “Great Cluster.” This area has produced approximately 240 million metric tons (tonnes) of copper, divided among 37 deposits in the Great Cluster – Copper-Gold equating to an average past copper production of 6.5 million metric tons copper = 14.3 billion lbs. of copper at a projected future copper market price of $6/pound or $86 Billion dollars, which for illustrative purposes is distributed equally per deposit in the Great Cluster. This is a hypothetical average with some much larger and some much smaller deposits with past production. This also suggests there are yet to be discovered deposits of copper which will be in this range.

  • With careful technical work LBSR believes that at least a square mile of alteration is present, and much more is probable. This can be compared to the recently stated $10 billion value placed on a very similar Rosemont camp deposit which covers about 1 square kilometer. Thus, Hay mountain may contain $10 billion x 2.6 kilometers/sq. mile or about $26 billion in copper. The Hay Mountain Property will generate copper in known sedimentary limestones and igneous layers, not necessarily flat but concentrated in contorted layers visible in geophysics which start at about 300 feet (also indicated by geophysics) from the surface and go to perhaps a geophysically indicated depth of 6,000 feet. If the deposit is larger, thicker or higher grade it could be substantially more. Conversely, lower grades and smaller volumes would result in smaller mineral resources and lower value. The size of the alteration zone at Hay Mountain is about 8 miles long and 6 miles wide. The zone contains multiple magnetic anomalies and electromagnetic anomalies interpreted as porphyry copper centers or hot spots (skarn) and may be very much larger than estimated above.

“This may be world class discovery in a historically proven mineral zone”- The Great Copper Cluster, remarked Jim Briscoe, Chief Executive Officer of Liberty Star. “Our geophysical and geochemical surveys have provided additional validation of a very large multi-mineral footprint at Hay Mountain.”

About Liberty Star

Based in Tucson, Arizona, Liberty Star, Inc. is a public company trading under the symbol LBSR. Liberty Star’s main project involves a large mineral footprint in a developing high-grade mineral region in southeast Arizona.

RISK FACTORS FOR OUR COMPANY ARE SET OUT IN OUR 10-K AND OTHER PERIODIC FILINGS WITH THE SEC ON EDGAR

Forward-Looking Statements
Some statements in this release may be “forward-looking statements” for the purposes of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company’s Annual Report on Form 10-K for the year ended January 31, 2017, as updated from time to time in our filings with the Securities and Exchange Commission, most recently in the Company’s Quarterly Report for the period May 1, 2018 to July 31, 2018. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.

Contact:
Tracy Myers, IR Representative
Liberty Star Uranium & Metals Corp.
520-425-1433
[email protected]

 

Keep Your Eye on Raw Materials: A Bull Market Could Be Coming $LBSR $NAM.ca $TN.ca

Posted by AGORACOM-JC at 1:49 PM on Wednesday, November 7th, 2018

As one bull market appears to be nearing its end, another may soon be on the horizon. Following years of underinvestment and tepid growth, raw materials in the form of copper, aluminum and nickel could be poised for a dramatic rebound.

The Next Bull Market?

Stocks, cryptocurrencies and even energy have taken the shine away from primary metals in recent years, but that could be about to change as investors look for new market-beating revenue streams. According to The Wall Street Journal, prices of copper, aluminum and nickel could rise more than 40% in the coming years as markets grapple with a severe supply crunch following a prolonged period of underinvestment.

This year, spending among global mining companies is expected to fall to less than a third of 2013 levels, when investment in new mines topped $121 billion. The year before, spending reached $144.05 billion, according to data from Wood Mackenzie. In 2018, total spend on new mining projects is expected to reach $35.4 billion. For many analysts, this means a major supply crunch is on the horizon.

Demand Drivers

On the demand side, the growth and widespread adoption of electric vehicles will only exacerbate the supply gap as manufacturers raise order books for copper and aluminum. According to the International Energy Agency (IEA), the number of electric vehicles on the road is forecast to reach 125 million by 2030 compared with just 3.1 million in 2017. The surge in electric vehicles also means higher demand for lithium and cobalt, two key components in electric-car batteries.

A growing global economy also playing into the hands of raw materials. Although the International Monetary Fund (IMF) is forecasting slower growth over the next two years, the downbeat view is largely tied to U.S.-China trade relations. Emerging-market growth remains an important driver for commodities.

Assets to Consider

Market participants wishing to gain exposure to raw materials have several options to choose from. In addition to trading futures contracts, resource-rich exchange-traded funds (ETFs) are an easy way to play the market, especially for the long haul. Some of the most notable are SPDR S&P Metals & Mining ETF (XME), Global X Lithium & Battery Tech ETF (LIT), iShares MSCI Global Metals & Mining Producers ETF (PICK) and Global X Copper Miners ETF (COPX). The SPDR S&P Global Natural Resources ETF (GNR) is also an option for those looking for a higher concentration of energy companies.

In terms of individual stocks, large miners such as Glencore Plc (GLEN), Rio Tinto PLC (RIO) and Vale SA (VALE 3) also provide a good option for diversifying into the sector. In addition to being global mining heavyweights, these companies share something else in common: they have significantly reduced capital expenditure in recent years (once again, this plays into the narrative that supply constraints will drive up the value of raw materials).

Investors betting big on the electric-car revolution have no doubt placed Tesla Inc. (TSLA) on their radar. For all its recent troubles, Elon Musk’s company recently reported a massive earnings beat, including a return to profitability for the first time since Q3 2016.

In addition to Tesla, automotive suppliers are also poised for a major breakout should the electric-car revolution play out as expected. Some companies to put on the short list are Aptiv PLC (APTV), Delphi Technologies PLC (DLPH), Magna International Inc. (MGA) and TE Connectivity Ltd. (TEL).

Source: https://hacked.com/keep-your-eye-on-raw-materials-a-bull-market-could-be-coming/

How #China Is Shaping #Copper Markets $LBSR $TMBXF $MIN.ca

Posted by AGORACOM-JC at 4:21 PM on Tuesday, October 30th, 2018
  • Electric cars, renewable energy will drive demand in the decade ahead, says report.
  • When searching the global markets battlefield for potential casualties of the United States trade war with China, two of the more obvious are the rnminbi (RMB) and copper.
  • But the rapid adoption of renewables and electric cars are long-term secular trends that may ultimately prove more important drivers than tariffs and trade wars.

By:CME Group

Indeed, their twin fortunes have been intimately intertwined since the summer when sabre rattling was matched with action.

There are a number of reasons for this closer-than-usual relationship. The corollary of a weak RMB is a strong dollar and dollar strength and commodity price weakness often go hand in hand. The second is China’s crucial role in the world economy. In 2016, China accounted for 40 percent of the entirety of global growth, according to the World Economic Forum. Similarly, a one percent decline in global trade has historically led to four percent decline in copper prices.

Growth Tied to China

Both copper and China are bellwethers for the global economy and the ratcheting up of tariffs and rhetoric is unnerving investors. The September Bank of America Merrill Lynch Fund Manager Survey revealed that 24 percent of investors expect global growth to slow in the next year, up from net 7 percent in August. The surveyed investors are gloomier about the prospects for the global economy than at any time since December 2011.

As well as indirect links through trade, there is a direct relationship between the red metal and the People’s Republic: China consumes 40 percent of global copper supply. China’s economy is showing signs of slowing. The Caixin China General Manufacturing PMI fell to a 14-month low of 50.6 in August. GDP growth slowed slightly to 6.5 percent in the third quarter.

Copper demand appears to be robust. Chinese copper inventories have declined to levels last seen in 2017 when prices were over $7,000/ metric ton, in spite of refined copper imports hitting a series of seasonally adjusted record highs. This suggests those imports are being consumed.

Electric Revolution

China’s shift to clean energy is not just a policy goal, it is an environmental and health necessity. According to one 2015 study published by climate research organization Berkeley Earth, 1.6 million Chinese die each year as a result of air pollution. The electricity sector globally accounts for 65 percent of all copper demand, photovoltaic cells depend on copper and a typical wind turbine uses one metric ton of the metal.

Beyond electricity generation and transmission and renewable energy, the next biggest uses of copper are in construction and transport. An average electric car uses six kilometers of copper wire in the batteries and rotors of their engines. Demand for copper from manufacturers of electric is forecast to increase nine-fold by 2027, according to consultancy firm IDTechEx in a report published this year.

Against this backdrop, Citigroup analysts issued a report in July entitled “Prepare for a decade of Dr. Copper on steroids.” Chinese copper demand and global trade are undoubtedly important for copper prices. But the rapid adoption of renewables and electric cars are long-term secular trends that may ultimately prove more important drivers than tariffs and trade wars.

Source: https://www.thestreet.com/markets/how-china-is-shaping-copper-markets-14761310

#Copper climbs to one-week high on #China demand hopes $LBSR $TMBXF $MIN.ca

Posted by AGORACOM-JC at 11:06 AM on Monday, October 22nd, 2018

  • Copper prices climbed to one-week highs on Monday due to expectations of stronger demand after authorities in top consumer China said they would take measures aimed at bolstering growth and liquidity
  • Benchmark copper on the London Metal Exchange was up 1.2 percent at $6,292 a tonne at 0919 GMT from an earlier $6,331.50 a tonne, the highest since Oct. 15.

Imaduddin October 22, 2018

LONDON: Copper prices climbed to one-week highs on Monday due to expectations of stronger demand after authorities in top consumer China said they would take measures aimed at bolstering growth and liquidity.

Benchmark copper on the London Metal Exchange was up 1.2 percent at $6,292 a tonne at 0919 GMT from an earlier $6,331.50 a tonne, the highest since Oct. 15.

China’s central bank governor said last week it would roll out targeted measures to help ease company financing problems and encourage commercial banks to boost lending to private firms.

“The news from China is encouraging for metals,” said Eugen Weinberg, analyst at Commerzbank. “Measures that add liquidity will help in the short to medium term, but it won’t solve the problem of indebtedness, a problem for some years now.”

CHINA TAX: China’s tax cuts next year could exceed the equivalent of 1 percent of gross domestic product, a central bank adviser said, in a sign policymakers might be considering another round of tax reductions.

GROWTH: China’s economic growth cooled to its weakest quarterly pace since the global financial crisis, with regulators moving quickly to calm nervous investors as a years-long campaign to tackle debt risks and the trade war with the United States began to bite.

DEMAND: China accounts for about half of global copper demand estimated this year at around 24 million tonnes.

China is “multiplying its efforts to support the economy, and in particular, the infrastructure sector amid domestic and international headwinds,” such as the trade war with the United States and high debt levels, Fitch Solutions said in a note.

The country’s demand for copper, an economic bellwether, “will improve over the coming months as property completions and grid investment picks up and demand from the autos and consumer sectors remain buoyant,” added the research house.

TECHNICALS: Strong upside resistance for copper is at the 100-day moving average, currently at around $6,320 and support is at $6,115, the 55-day moving average.

STOCKS: Traders say significantly higher copper prices in China could encourage further outflows from LME approved warehouses to those monitored by the Shanghai Futures Exchange.

LME copper stocks at 154,225 tonnes have tumbled 27 percent since Sept. 24, while those in ShFE warehouses are up about 27 percent over the same period to 140,789 tonnes.

PRICES: Aluminium was up 1.2 percent at $2,028, zinc  gained 1.3 percent to $2,660, lead added 1.4 percent to $2,020, tin rose 0.1 percent to $19,190 and nickel was up 1.4 percent to $12,615 a tonne.

Source: https://www.brecorder.com/2018/10/22/448516/copper-climbs-to-one-week-high-on-china-demand-hopes/

INTERVIEW: Liberty Star $LBSR Discusses Latest Activities in #Copper Mining Rich Southeast Arizona $TMBXF $MIN.ca

Posted by AGORACOM-JC at 8:57 AM on Friday, August 10th, 2018

#RenewableEnergy to drive #copper demand, BMO says $LBSR

Posted by AGORACOM-JC at 12:30 PM on Friday, July 27th, 2018
  • Renewable energy will be the largest single driver of demand growth for copper over the coming years, according to a recent study by BMO Capital Markets.
  • Currently, global copper demand is about 30 million tonnes per year. BMO forecasts copper demand growth rates through 2030 will be above a compound annual growth rate (CAGR) of 3%, “marking an acceleration on the growth rates seen over the past twenty years.”

“The need to connect significant numbers of small-scale electricity generation units into the grid provides a major boost to copper, with solar generation capacity set to triple and wind capacity set to double by 2025.”

Currently, global copper demand is about 30 million tonnes per year. BMO forecasts copper demand growth rates through 2030 will be above a compound annual growth rate (CAGR) of 3%, “marking an acceleration on the growth rates seen over the past twenty years.”

As a result, BMO has added 1 million tonnes a year of global copper consumption through 2025, compared with its earlier estimates.

“We see the need for ~ 5 million tonnes per year of new projects from new primary mine supply to solve the expected supply gap and bring the market into equilibrium over the 2025-2030 period.”
BMO has raised its long-run copper price to US$3.25 per lb. (US$7,165 per tonne).

“Changing long-run commodity prices should be a rare event, and should only take place where there is a market shift in the future outlook,” the study reported. “In our view, that event is the step-change we expect in demand expectations driven by renewables and electric vehicles.”

Drilling deeper into the numbers, infrastructure and electrical networks currently make up about 35% of all copper demand, while construction makes up about 24%, goods and consumer products 24%, machinery 10%, and transportation about 7%.

Looking ahead, BMO forecasts renewable grid infrastructure will account for 74% of all copper demand growth to 2025.

The growth in copper demand is occurring at a time when “the current and highly probable copper pipeline is at the lowest level we have seen this century, both in terms of the number of projects and capacity,” the study stated.

Existing assets also suffer from lower grades and underperformance.

“Twenty years ago, the average grade of a working copper mine was 1.6%,” the study’s authors note. “Now, it is 1.0%.”

“The perennial struggles of existing copper assets, particularly the large operations, have posed the biggest hurdle to overall supply growth,” the study states. “To put this in context, the largest 10 copper mines in the world in 2007 produced ~ 4.8 million tonnes of copper (in 2005 this number was in excess of 5 million tonnes). Those same operations in 2017 produced ~ 4.3 million tonnes.”

“We have slight growth (pre-disruption) from existing assets through 2021, but after this point with many SXEW operations hitting end of life, the decline accelerates. By 2025, we see a drop of 1.53 million tonnes per year from existing operations.”

Source: http://www.northernminer.com/news/renewable-energy-to-drive-copper-demand-bmo-says/1003798085/

Rising Chinese imports push #Copper higher $LBSR $TTC.ca

Posted by AGORACOM-JC at 9:08 AM on Tuesday, February 27th, 2018

  • Price of copper rose on Monday as higher imports to China and strong economic data cemented expectations of solid demand from the world’s biggest metals consumer
  • Rising global stock markets also fuelled appetite for riskier assets including metals, said Societe Generale analyst Robin Bhar
  • Price of copper, used in power and construction, surged last year on expectations that lower scrap imports to China would increase demand for refined metal

The price of copper rose on Monday as higher imports to China and strong economic data cemented expectations of solid demand from the world’s biggest metals consumer. Rising global stock markets also fuelled appetite for riskier assets including metals, said Societe Generale analyst Robin Bhar.

“Both macro and micro factors are good,” he said. Benchmark three-month copper on the London Metal Exchange closed 0.2 percent up at $7,110 a tonne, not farom a four-year high of $7,312.50 touched in January.

Copper imports to China rose 13 percent from December to 314,525 tonnes in January, while refined nickel imports doubled to 26,691 tonnes and refined zinc imports surged by 287 percent to 67,111 tonnes. Prices of nickel and zinc, used in the steel industry, also rose on the strong import data and a surge in Chinese steel futures after reports that China’s top steelmaking city will extend production curbs.

Nickel finished 1.2 percent up at $13,925 a tonne, close to three-year highs, and zinc ended near its highest since 2007 after gaining 0.8 percent to $3,531.50. Chinese imports of scrap metal, meanwhile, fell to the lowest level in nearly two years in January after restrictions were introduced. Scrap copper imports were down 28 percent year on year.

The price of copper, used in power and construction, surged last year on expectations that lower scrap imports to China would increase demand for refined metal. Robust economic data reinforced expectations of strong demand for metals. Prices for new homes rose in January and a poll showed that China’s manufacturing sector is expected to register another month of relatively solid growth in February.

Bets on higher copper prices increased on the COMEX exchange, with funds’ net long position rising for the first time this year in the week to February 20. LME aluminium finished down 0.1 percent at $2,138 a tonne but still within sight of a six-year high of $2,290.50 touched in January.

“With no apparent shortage of supply, we expect prices to ease back in 2018,” Capital Economics analyst Simona Gambarini said in a note. SUPPLY: Global primary production rose in January, according to the International Aluminium Institute. There was also an increase in exports of semi-processed aluminium products from China, the world’s largest producer. And in the United States a smelter was poised to restart idled production if Washington curbs imports. LME lead closed 1.9 percent up at $2,580 and tin finished down 0.1 percent at $21,625.

Source: https://fp.brecorder.com/2018/02/20180227347541/

#Copper hits three-week high as dollar rally pauses, #nickel steady $LBSR $TMBXF

Posted by AGORACOM-JC at 12:41 PM on Monday, February 5th, 2018
  • Copper hit a three-week high on Monday as the dollar rally paused and the balance of supply and demand looked to stay relatively tight
  • Dollar remained mired near three-year lows as resurgent U.S. wage inflation data failed to quell scepticism among investors about the currency’s outlook

By Maytaal Angel

LONDON, Feb 5 (Reuters) – Copper hit a three-week high on Monday as the dollar rally paused and the balance of supply and demand looked to stay relatively tight, while nickel climbed after posting its largest daily loss in two months on Friday.

The dollar remained mired near three-year lows as resurgent U.S. wage inflation data failed to quell scepticism among investors about the currency’s outlook.

U.S. payrolls on Friday showed wages growing at their fastest pace in more than eight years.

“The dollar is driving the market,” said Casper Burgering, an analyst at ABN Amro. A weaker dollar makes dollar-priced metals cheaper for non-U.S. investors.

Burgering also said that copper relative to other metals “is lagging, it’s up only 1 percent for the year. It’s undervalued because the fundamentals are really good for this year.”

COPPER, NICKEL PRICES: London Metal Exchange copper closed up 1.8 percent at $7,169 a tonne, having hit its highest since mid-January at $7,220, while nickel ended up 2.4 percent at $13,745 a tonne, having plunged 4 percent on Friday.

Some of China’s stainless steel mills, major consumers of nickel, are losing money at current prices and have already wound down their operations ahead of the week-long Chinese Lunar New Year, broker Argonaut Securities said in a report.

“We expect to see price weakness in nickel going forward,” it said.

* MARKETS: Stock markets were routed around the globe while bond yields climbed as resurgent U.S. inflation raised the possibility central banks would tighten policy more aggressively than had been expected.

* CHINA ECONOMY: China is expected to report solid growth in January trade this week, moderating inflation and renewed bank lending, but the timing of the long Lunar New Year holidays will make it difficult to determine clear trends for at least another month.

* LEAD: Lead prices took a breather from Friday’s 6-1/2 year top, ending down 1 percent at $2,652. Indicating nearby tightness, cash lead traded at a $17.25 a tonne premium to the three month price CMPB0-3.

* ZINC: Indicating nearby tightness, LME data showed one entity holds 80 to 90 percent of zinc warrants, cash and “tom” positions <0#LME-WHT>. Zinc ended up 1.3 percent at $3,548.

* INVESTORS: Hedge funds and money managers cut their net “long” or buy position in COMEX copper in the week to Jan. 30, data showed.

* ALUMINIUM: Russian aluminium maker Rusal estimates that China’s winter capacity cuts will curb output by 1 million tonnes annually. Aluminium ended up 0.1 percent at $2,211.

* TIN: Tin ended up 1.8 percent at $21,920.

Source: https://www.reuters.com/article/global-metals/metals-copper-hits-three-week-high-as-dollar-rally-pauses-nickel-steady-idUSL8N1PV30M

Goldman $GS has more good news for #copper, #zinc price $LBSR $TMBXF

Posted by AGORACOM-JC at 12:07 PM on Thursday, January 4th, 2018
Frik Els | about 16 hours ago

  • While it’s pulled back a bit since New Year, the price of copper ended 2017 near a four-year high of $3.30 a pound ($7,260 per tonne)
  • Extending the bull run in the red metal for a second year
  • Measured from its multi-year lows struck at the beginning of 2016, copper has gained more than 70% in value
Zinc ingots shown (Image: Glencore)

The rally for zinc has been even more spectacular with the metal, mainly used to galvanize steel, ending 2017 at a decade high of $3,330 a tonne. Zinc has more than doubled in value after a slump that ended around the same time copper hit bottom two years ago.

Reuters quotes investment bank Goldman Sachs as saying zinc demand looks rosy for the first half of the year while the New York-based firm prefers copper over aluminum over the longer term:
“Concern about a sharp slowdown in metals demand as the country adopts a new ‘quality over quantity’ growth model may be overblown”

“Concern about a sharp slowdown in metals demand as the country adopts a new ‘quality over quantity’ growth model may be overblown,” it said, adding that metal producers outside China are set to gain.

“Ongoing supply-side reforms and environmental cuts in China translate into higher commodity prices and less Chinese production, both of which benefit ex-China producers.”

Shipments of copper concentrate to China hit a monthly record of 1.78m tonnes in November and the tally for the year should beat last year’s record 17m tonnes.

Refined copper imports are trending down with recently released data showing cargoes are down some 5% over the first 11 months of 2017 to 4.24m tonnes compared to the same period in 2016. Full year imports in 2016 hit a record 4.94m tonnes.

Zinc is benefitting from historically tight supply with inventories in LME-approved warehouses down 70& since September 2015 to just under 181,000 tonnes. Stocks in warehouses monitored by the Shanghai Futures Exchange at 68,630 tonnes are down 65 percent since March last year according to Reuters:

“Demand growth is decent, but not spectacular from a historical perspective, which tells me this is once again a supply side issue,” said Bernstein analyst Paul Gait.

“Years of under-investment have caught up. We could see a further price acceleration in the short term, but current levels should generate sufficient capital inflows to generate new supply to meet demand.”

Chinese zinc imports jumped to above 573,000 tonnes in the first 11 months of last year, up 43% from the same period of the previous year.

Source: http://www.mining.com/goldman-good-news-copper-zinc-price/