RE:RE:TRQ Special Board Thinks Long Term Copper Price $3.50??? As Bobby said way back in 2004, the gold and silver should eventually pay for all the costs of mining the copper.
Rio isn't going anywhere. They are just clumsy grinders who embarrass themselves again and again. It may be noted, however, that although there were delays there remains an intact foreign investment at OT, which was many times in doubt, so maybe the Rio grind served a purpose in reining in unrealistic nationalist pipe dreams.
Resolution came within a whisker of a January 6 Trump coup of being green-lit, Donny approved the critical land swap and environmental permits just before his administration expired, Joe Biden's people immediately reversed that - mining on sacred Apache land doesn't appeal to the woke coastal progressives. Play to your base! That is a huge setback on Rio's copper aspirations, Resolution is a fantastic deposit and leaves a massive gap in their capital budget for copper.
So, can they walk away from the TRQ minority and 2/3 of ETG without looking like management failures to their shareholders? Does the $2.4 billion gift seem justified for what they have in hand of the downstream production? Nope ... they will continue to pursue but with their credibility shot.
There have to be a lot of yes votes that will now be no votes at the same price level.
I believe SSL uses $3.75 cu and $1700 au in their current guidance calculations - and you have to think if we are seeing the start of a metals price run everybody will start revising upwards. The TD assumptions have no shame, IMHO. I'm not calling for $5, but come on. The pipeline for copper production for the next 15 years or so of existing mine depletion is wholly inadequate to meet even modest demand growth, and lots of sensible people can see sustained robust demands for years to come.
cg