“Newcrest also announced an updated indicated and inferred resource for its O’Callaghans deposit of 78 million tonnes containing 260,000 tonnes of tungsten and 220,000 tonnes of copper.
Mr Smith later told journalists the deposit had a fair bit of importance strategically, given only 100,000 tonnes of tungsten was produced each year and 80 per cent of the market was controlled directly by China.
‘‘So they basically control the market.‘‘
It’s been declared by China as a strategic metal.
‘‘There are companies around the world who need tungsten but are finding it difficult at the moment to find access to long-term supply.’’
…..read more HERE and HERE. (Newcrest is an Australian Stock which engages in the exploration, development, mining, and the sale of gold and gold/copper concentrate in Australia, Fiji, Indonesia, Papua New Guinea, Peru, Canada, and the United States. It also involves in the exploration and sale of silver ores. The company primarily owns and operates six mines, including five located in Australia and one in Indonesia. As at June 30, 2009, it had gold reserves of 42.8Moz and copper reserves of 4.67Mt. Newcrest Mining Limited was founded in 1966 and is headquartered in Melbourne, Australia.