CANDENTE CAN TAKE ADVANTAGE OF COPPER SUPPLY SHORTAGE
Candente’s Canariaco Norte can increase production up to 120,000 tons of copper per year based on previous studies and that is just Norte; it is also so incredibly economical which will only make it more valuable in the future. Candente is a monster that can easily have 20 billion pounds of copper waiting to be mined from their projects. This year was a bit of a wash with almost 5 months lost due to board negotiations (now resolved), but the signal is clear,drill targets are coming, and the New Year has great potential that will be realized.
Mr. Bonifacio has made it perfectly clear:
"Under the guidance of the newly reconstituted board, which includes Steven Latimer and Jeremy Meynert (Mr. Meynert is Head of Corporate Development for Fortescue. In this role, he is responsible for Fortescue’s transactional corporate development activities including managing Fortescue’s investment portfolio of publicly listed mineral companies and structuring investment transactions), the company will now move to further advance its Canariaco project, which already possesses a significant copper, gold and silver resource, with further drilling of high-priority drill targets being planned for 2023."
Here is what Glencore is saying about the Copper Shortage Coming
(Bloomberg) December 6, 2022 - Glencore Says This Time Is Different for Coming Copper Shortage: Glencore Plc added its voice to a chorus of miners warning of coming copper shortages, arguing that a “huge deficit” is looming for the crucial industrial metal.
Chief Executive Officer Gary Nagle said that while some people were assuming that the industry would lift supplies as it had in previous cycles to meet a forecast increase in demand driven by the energy transition, “this time it is going to be a bit different.”
He presented estimates showing a cumulative gap between projected demand and supply of 50 million tons between 2022 and 2030. That compares with current world copper demand of about 25 million tons a year.
“There’s a huge deficit coming in copper, and as much as people write about it, the price is not yet reflecting it,” Nagle said.
Copper miners and analysts have been warning of growing deficits starting in the mid-2020s, driven by rising demand for copper in wind and solar farms, high voltage cables, and electric vehicles. While most analysts believe that prices will rise from current levels around $8,500 a ton, there is some disagreement about how large the copper shortages might be.
Still, Nagle said that Glencore, which is one of the world’s top copper miners and traders, will wait to lift its own output of the metal until the world is “screaming” for it. “We want to see that deficit,” he said.
Nagle said that Glencore could lift its annual copper production by more than 60% from current levels of 1 million tons with expansions of its current assets. The company is also eyeing a $5.6 billion new-build project at El Pachon in Argentina.