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Macquarie
[Australia]
Posted on : Dec 17, 2005
SYDNEY (Dow Jones)--Global lead
prices are expected to fall next year as the market moves back into surplus,
Macquarie Research commodity analysts said in report Monday.
Macquarie forecasts prices to
average $827 a metric ton in 2006, down from this year's $970/ton average. At
0027, GMT lead was trading at $1,087.50 on the London Metal Exchange.

Lead stocks have all but
evaporated following a massive supply shortfall over the last two years, with
LME inventory now at record low levels of just a couple of days of Western world
consumption, the Macquarie analysts said.
Producers are reacting
strongly, however, with several projects such as Magellan in Western Australia
coming on stream and existing mines such as Endeavour in Australia's New South
Wales state increasing concentrate output significantly, they said.
The resulting output is
expected to ease the tight lead concentrates market before feeding through into
the refined market.
Canada's Ivernia Inc. (IVW.T)
is slated to reach full production at Magellan by mid-2006 to become one of the
top five lead-producing mines in the world, yielding about 100,000 tons a year.

Australia's CBH Resources Ltd.
(CBH.AU) owns and operates the Endeavour zinc and lead mine at Broken Hill,
where production and expansion plans were hit by a major ground collapse in
October.
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