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The forward projections for the price of copper give me huge confidence in the bonds being delivered or some other finance package. Copper is the new oil so money should start flowing in now that the scarcity of the metal is getting real. $15,000 a ton is coming PXC are in a great place.

Goldman's paper called 'copper is the new oil' is one of the most well-read research papers of the decade. The thesis is well known as copper grades are declining and there have been zero new projects approved this decade. In addition, the green transition (plus possibly AI) will require large amounts of copper and there's a setup for a structural deficit that will be very hard to solve without much higher prices.

That most had 2025 or 2026 ciricled as the year that deficit started to bite, in part due to the startup of the QB2 mega-project in Chile late last year. However at the same time, Panama also closed a mine that supplied around 1.7% of global output. That appears to have moved up some timelines, depending on who you ask.

As for Goldman, the same analysts with the 'copper is the new oil' moniker dropped another great line today saying, prices are only in “the foothills of what will be its Everest."

That was in Santiago where the copper world is meeting this week at the annual Cesco Week symposium. Prices are currently at a 22-week high but Goldman sees prices rising more than 50% from here, to $15,000 per ton or about $6.50/lb.

There were certainly differing views with some sticking to forecasts for physical tightness in the second half of the decade. However all six members of the panel of market participants were unanimous that higher prices are coming eventually. You can take that as a sign of a one-sided trade or a sign that no one can find holes in the forecasts.

BofA on #copper: The decline in #copper treatment and refining charges has been much discussed during #Copper Week in Santiago. That tightening in terms has been driven by a confluence of factors, including 1) low mine supply growth, which has been exacerbated by supply disruptions and 2) investment in smelting capacity especially in China. Picking up on the last point, smelter capacity utilization rates have been declining steadily.

Commenting on that, Aurubis’ CEO Roland Harings said that China’s smelters “are taking concentrates in at levels where you cannot make profits."

The value of having a low carbon producing mine will be very telling soon. There will be an index attributed to mines that show how much carbon emissions are created by the mine. The cleanest mines will attract more customers and a premium price for the copper. Getting the PFS and mine design with maximum ESG credentials is essential.

Citi Research on #copper: Funds have driven #copper up to ~$9,500/t (+~20% since late November), on early signs of global reflation and in anticipation of physical deficits. Pure-play #copper equities, which are even more forward-looking, have moved up to a price of $10.5k-12.5k/t #copper into perpetuity, suggesting that there is further room for forward-looking investors to take the commodity price higher. Indeed, pure-play equity-implied #copper prices are consistent with our view that we have entered the second secular #copper bull market this century. Likely LME withdrawals of Russian metal and modest deficits should support prices around current levels over the next 3 months. We still see a path up to $15k/t by 2026 in our bull-case scenario.

The ducks are really lining up for us, PM’s are on fire. PFS based on current prices will look amazing.

Who knows ?!?! but one thing we do know, when the SP moves it moves fast !!

That is kind of the point, to spot a trend at an early stage and spot when the momentum is shifting upwards. PXC looks like the SP is about to blow IMO

They indicate buys are outweighing sells and the momentum is upwards. Technical analysis isn't related to income.

The technicals are indicating PXC as a BUY. Should be a good Q2...;o))

Yeah, what a relief when the bonds are FINALLY over the line. I hope the story the BoD have to tell when the news restrictions are lifted is worth the wait !

Lets just take in what we are investing in. To begin with, A STARTER mine with resources worth circa $1.8bn mined over 5-7 years. Plus all the other resource including what we think is a stonking Porphyry somewhere at depth. Cash generation will be amazing and there could be dividends. They will get the cash from somewhere the resource is too big and proven to just sit there.

Gold and Silver are both undervalued, but silver when compared to gold should be multiple of where it is. The silver move will be very interesting to watch.

#Copper prices climb to 2024 high as Citi calls the start of the metal’s second bull market this century

Yes fully agree with the frustrating sentiment ! I just keep telling myself that the company are following a professional and diligent pathway in order to attain the maximum output from this mine. This takes time and patience. Ryan knows 100% what he doing so trust he is working for us in the long term. No cutting corners at any cost !

Its a good option for us. Deffo more confident about securing some finance if bonds don't complete.

....Gold and silver could have quite a way to go yet. Silver especially when compared to Gold.

I've done my Bed and ISA today. Great bit of luck at this low price if SP does go up. Huge tax saving.

The 2021 NPV would likely of been based on sulphuric acid and two stage processing. Copper production for 5 years then other metals for 5 years. The whole process is now likely a single pass for all metals over 5 years. Needs confirming in PFS I guess.

PXC NPV $105m pre-tax used Cu $3.8, Zinc $1.2, Gold $1825 and Silver $27. This was 2021 though.