Update on the Copper Market
Posted: Fri Jun 30, 2023 8:22 am
In 2019 (pre-pandemic) copper averaged about $2.70/lb. Today it is trading at $3.71/lb.
------------------------------
Copper is poised to follow other commodities upended by recent price surges as the mining industry struggles to expand ahead of accelerating demand, warns the man behind some of the world’s biggest mines.
Demand for critical raw materials is set to jump as nations mandate clean energy and transport while clambering to develop their own supply chains. But a combination of factors suggests supply won’t keep pace, according to billionaire Robert Friedland. They include the fact that deposits are getting pricier and tricker to find and dig up, funding is scarce and societies have yet to grasp mining’s role in the shift from fossil fuels.
“We’re heading for a train wreck here,” the founder and executive co-chairman of Ivanhoe Mines Ltd. said in an interview at Bloomberg’s New York headquarters. “My fear is that when push finally comes to shove” copper can go up 10 times.
Read more: https://www.mining.com/web/friedland-warns-of-a-copper-train-wreck-as-supply-stalls/?
From my Watch List:
> I like Ero Copper (ERO) as the "Safe Bet" on Copper. Last two quarters have been strong.
> I like Solaris Resources (SLS) because of their Warintza Project in southeastern Ecuador, which has the potential to be a world class copper mine.
Both have been recommended to me by the EPG member that brought us Hemisphere Energy and InPlay Oil.
------------------------------
Copper is poised to follow other commodities upended by recent price surges as the mining industry struggles to expand ahead of accelerating demand, warns the man behind some of the world’s biggest mines.
Demand for critical raw materials is set to jump as nations mandate clean energy and transport while clambering to develop their own supply chains. But a combination of factors suggests supply won’t keep pace, according to billionaire Robert Friedland. They include the fact that deposits are getting pricier and tricker to find and dig up, funding is scarce and societies have yet to grasp mining’s role in the shift from fossil fuels.
“We’re heading for a train wreck here,” the founder and executive co-chairman of Ivanhoe Mines Ltd. said in an interview at Bloomberg’s New York headquarters. “My fear is that when push finally comes to shove” copper can go up 10 times.
Read more: https://www.mining.com/web/friedland-warns-of-a-copper-train-wreck-as-supply-stalls/?
From my Watch List:
> I like Ero Copper (ERO) as the "Safe Bet" on Copper. Last two quarters have been strong.
> I like Solaris Resources (SLS) because of their Warintza Project in southeastern Ecuador, which has the potential to be a world class copper mine.
Both have been recommended to me by the EPG member that brought us Hemisphere Energy and InPlay Oil.