PRIZ Video Summary: Cu Demand Surges, Miners Can’t Keep Up The president of Prismo Metals Inc. (CSE: PRIZ, OTCQB: PMOMF), Steve Robertson, a Canadian geologist with over 30 years of mining industry experience, recently joined Alexander Smith to discuss the state of the copper industry.
As highlighted in their conversation, recent reports predict an impending copper supply crisis driven by the global push towards renewable energy, electric vehicles (EVs), and expanding electricity grids.
The electrification movement is significantly increasing the demand for copper, with Goldman Sachs estimating that the industry needs to invest $150 billion over the next decade to address a projected annual supply shortfall of 8 million tons of copper.
Many of the world's major copper mines are aging, and the ore quality is decreasing, leading to copper prices reaching a new record high above $5.10 per pound in May.
With copper demand expected to continue rising, significant supply crunches are anticipated as early as next year, especially given the lengthy timeline (around 23 years) required to bring new copper mines into production.
Moreover, the discovery rate for new copper deposits has dropped significantly, with most easy-to-find surface deposits already discovered. Future discoveries are likely to be deeper and more challenging to find, requiring extensive geological investigation and deep drilling.
PRIZ's Hot Breccia Project is located in Arizona's copper belt, near the significant Resolution copper deposit, which contains 1.6 billion tons of copper. PRIZ is optimistic about similar geological settings and aims to drill deep to uncover new deposits.
Additionally, the company controls 2 precious metal projects in Mexico. Its Palos Verdes Silver Project is surrounded by successful neighbors like Vizsla Silver. Here PRIZ plans to drill deeper on known veins to extend their reach.
PRIZ's Los Pavitos Project is an early-stage gold project, with a successful initial drill program showing high-grade gold and silver mineralization. PRIZ future work plan for the project includes detailed mapping and geophysical studies to guide further drilling.
Overall, the video emphasizes the critical role of copper in the global energy transition, the challenges faced by the mining industry in meeting future demand, and the strategic importance of Prismo Metals' projects in addressing this supply shortfall.
Watch here:
Posted on behalf of Prismo Metals Inc.