Despite the idling of mine capacity over 1998-1999 we have seen mine production outpacing refined output in recent months. This has been due to the closure of smelting capacity last year combined with production difficulties at several major smelters. The net result of this has been a build up in concentrate stockpiles during the first quarter of 2000 while the refined market has slipped into deficit.During 1997 we estimate that around 191,000 tonnes (contained copper) of mining capacity was closed, although with prices averaging
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