RE:Exciting Times... Question...“Tight copper mine supply is increasingly constraining refined production and copper demand is steady, driven by energy transition tail winds. BofA Commodities see copper rising to $12,000/t or $5.44/lb for 2026E. We materially increase Pos [price objectives] for most of our copper coverage. Raise FCX [Freeport McMoran Inc.] to Buy (PO to $59) given high quality copper leverage, robust and rising free cash flow, and material gold revenue (15 per cent of total). Raise HBM [Hudbay Minerals Inc.] to Buy (PO to C$12.25 ($9)) on robust near-term free cash flow, a smoothed longer-term copper production profile (post acquiring Copper Mountain), debt deleveraging, material gold revenue (27% of total), and an attractive valuation. We reiterate Buy ratings on Ivanhoe Mines (IVN), Lundin Mining (LUN), and Teck Resources (TECK) and increase the POs to C$21 ($15.50), C$18.50 ($13.50, SEK 144), and C$88 ($65), respectively. IVN and TECK are 2024 top copper equity picks”
Now if Vulcan can confirm million of tons like they did with Atlas salt we will be in the money. BCRNW