Botswana-focused Australian copper miner Discovery Metals plan to scrap its quotation on the Alternative Investment Market. Although its shares will continue to trade in Australia, UK shareholders should use this as an opportunity to take profits on our buy tip.
That's a shame because Discovery remains on track to bring its flagship Boseto copper project into production by mid-year. Open pit mining started last September and the fully financed mine is expected to produce annually 36,000 tonnes of copper and 1.1m ounces of silver in concentrate.
The start of production looks set to coincide with a positive outlook for copper prices, which are expected to remain high this year. Intierra Resource Intelligence comments: "Despite some price retracing in 2011, the copper physical market fundamentals remain strong, with liquid stocks near an all-time low."