Redbank Copper says it has made a new copper discovery at its Copperado prospect in the Northern Territory.
The company is exploring the prospect as part of a 50/50 joint venture with Glencore.
Chile's state copper think tank, Cochilco, on Wednesday raised its 2009 average copper price outlook to $2.30 per lb from $1.95, but slightly trimmed its 2009 copper output forecast to 5.38 million tonnes.
The think tank also raised its copper price forecast for 2010 to an average of $2.70 per lb from $2.10 per lb, citing dynamic Chinese demand and expectations of a recovery of developed economies from global crisis.
Colin Bennett
