Base metals prices rose on Friday, with London copper and zinc both hitting their highest level so far this year, on optimism that the United States and top metals consumer China are closer to resolving their long-running trade dispute. Copper is on course to add 1.4 percent this week to mark its biggest weekly gain since the week ended Nov. 16, 2018. “Until China’s new smelting capacity comes into operation, the spot market will be relatively tight,” Chinese brokerage Huatai Futures wrote in a note, adding that supply disruptions in top copper producer Chile were supporting short-term fundamentals. Analysts estimate as much as 1 million tonnes of copper smelting capacity will come on stream in China this year.
Georgian Mining Corporation (LON:GEO), the AIM listed copper-gold exploration and development company, today announced that the Georgian Government Resolution on the Company’s pending exploration permit was included in a cabinet meeting at the end of December 2018, immediately before the Government went to recess for the festive season.