Copper search is on, as prices rise

The record high price for copper has initiated an exploration rush in Australia.

The insatiable demand from China for the building and alloy material has pushed copper up to just below $10,000 a tonne.

Half the world's copper comes from Chile, with Australia producing about 10 per cent at Mt Isa in Queensland and Prominent Hill in South Australia.

Analyst with Alto Capital, Carey Smith, says demand will continue to climb, and the drill rigs are out there looking for the base metal.

"Sandfire Resources, early last year, found the Degrussa project up here in WA. That sort of sparked a brand new exploration push for copper," he said.

"Their results in the game they considered extraordinary, They're running at 5 per cent copper.

"And their share price has run from the low 20's (cents) up to about $8."

(Source: http://www.abc.net.au/rural/news/content/201102/s3141395.htm)