Post by
Bifrost on Apr 29, 2021 7:40pm
(BN) Copper Boom Is Just Beginning for the CEO of Gold Giant
Copper Boom Is Just Beginning for the CEO of Gold Giant Newmont
2021-04-29 16:28:51.795 GMT
By Daniela Sirtori-Cortina
(Bloomberg) -- Copper may be flirting with record highs but
the metal is far from peaking as the energy transition revs up,
according to Newmont Corp. Chief Executive Officer Tom Palmer.
Futures hit $10,000 a metric ton on Thursday for the first
time since 2011 as mines struggle to keep up with surging
demand. Newmont, the world’s largest gold producer, is
increasing exposure to copper through several “mega projects,”
Palmer said on an earnings call. Even if just one materializes,
copper will account for 15-20% of the company’s total output by
the end of the decade, he said.
“I’m pretty excited about having good exposure to copper at
that time when the world is going through the energy
transition,” Palmer said on an interview with Bloomberg TV
following the earnings call. “Copper’s got a pretty good story
in front of it. I think its day in the sun is more towards the
end of this decade.”
The copper push doesn’t mean Palmer has a downbeat view on
gold. He sees bullion prices holding their current “very healthy
levels” or even moving higher given fiscal and monetary
stimulus. India should remain one of the key sources of demand
after the country recovers from the Covid-19 tragedy, Palmer
said.
--With assistance from Alix Steel, Joe Deaux and Guy Johnson.
Comment by
jclarke042 on Apr 29, 2021 8:00pm
And yes, it's also good all around to hear they're getting serious about copper. I didn't mean to totally shoot down your post, if it came across like that.
Comment by
EvenSteven27 on Apr 29, 2021 11:18pm
Can't figure why they're putting Galore Creek ahead of Casino. Galore Creek has a good resource base, but that is treacherous underground/tunnel mining. Remember people have died here in the past. Both Coffee and Casino are open pit which is cheaper, safer, and easier to mine. Why take the difficult road?
Comment by
cb2task on Apr 30, 2021 12:52am
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cb2task on Apr 30, 2021 12:59am
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cb2task on Apr 30, 2021 6:29am
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Comment by
jclarke042 on Apr 30, 2021 6:49am
And on the call he's talking about how GT can also be a big source of copper for them. I haven't looked at their resource but we have to be bigger.
Comment by
cb2task on Apr 30, 2021 7:04am
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cb2task on Apr 30, 2021 11:22am
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cb2task on Apr 30, 2021 11:34am
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cb2task on Apr 30, 2021 11:31am
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Comment by
jclarke042 on Apr 30, 2021 11:32am
That's also what I was getting at below. He could very well have been brought on as a worst case, we have to find another plan. But I'm still assuming NEM is the plan, just wondering if we had the order of dominos wrong. Meaning, Coffee is the domino we need to fall first. Not our PEA/FS.
Comment by
cb2task on Apr 30, 2021 11:39am
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cb2task on Apr 30, 2021 11:40am
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Comment by
blueboron99 on May 01, 2021 1:59pm
JC, this is the latest info I can locate on Newmont's Coffee project- https://www.whitehorsestar.com/News/yesab-recommends-approval-of-proposed-mine https://yesabregistry.ca/projects/00036ef5-c28e-46be-bfc3-4c48808d9c3c (bb-99)
Comment by
jclarke042 on May 03, 2021 10:23am
Thanks Blue - lots of good info here.
Comment by
Sooner on Apr 30, 2021 10:41am
I think their resource about 5B lbs copper and 10M oz gold...about 1/2 of casino I believe. So they paid $311M usd for GT -we should get at least $600M or about $4.5usd per share based upon that ratio anyway. I know no one want to hear anything less than $10...so maybe I'm missing something
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cb2task on Apr 30, 2021 10:44am
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cb2task on Apr 30, 2021 10:48am
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cb2task on Apr 30, 2021 10:54am
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