Hoping to capitalize on the skyrocketing price of copper, Peruvian mining company Compania de Ninas Buenaventura SSA (NYSE:BVN) announced plans to possibly double or triple copper production at a mine it described as a “huge resource.”

The firm said a decision in a few weeks would depend on financing and water usage issues, among other considerations. The Sociedad Minera Cerro Verde SA mine, majority controlled by Freeport-McMoRan Copper & Gold (NYSE:FCX) and 19% owned by BVN, currently produces slightly more than 300,000 metric tons of copper per year. With world output of approximately 15 million tons per year growing by roughly 700,000 to 800,000 tons annually, a tripling of the mine’s output would absorb much of one year’s additional need for the metal.

Economic recovery in the industrialized world coupled with rapid expan-sion in developing nations has pushed the price of the reddish metal from an already-elevated $3.00 a pound level last sum-mer to recent quotes in the $4.50 range.

I believe concerns over the Middle East are likely to drive up prices for gold, silver and even copper over the coming weeks.

That's my take on it.

Happy trading!

Rudy

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