The apparent refined copper balance for the first eight months of 2011 indicates a production deficit of 161,000 mt (a seasonally adjusted surplus
of 23,000 mt).
Under SSAP 10R, the admissibility test is increased from 10% to 15% of adjusted surplus
, and the admissibility test increases the loss carry-back allowance from one year to three.
5% Ratio (Average Lash and Invested and less than l0% Assets [Current and Prior #6 Year]) Change in Surplus = (Change in Surplus)/ Greater than -10%, Ratio (Adjusted Surplus
Prior and less than +50% Year) Note: Change in surplus is equal to adjusted surplus
for the current year minus adjusted surplus
for the prior year.
Although, this series exhibits considerable volatility, the adjusted surplus
tends to exhibit much less persistence than the actual surplus.
The level of high-risk assets should not exceed 150% of the company's adjusted surplus
Chart 4 shows the revised and previously published estimates of the cyclically adjusted surplus
or deficit as percentages of middle-expansion trend GNP.