Long-Term Outlook = Major Supply Deficit for Copper Although copper prices have cooled off after reaching record highs in May, the metal’s long-term outlook still forecasts a major supply deficit due to increasing demand from electric vehicles, AI, and power infrastructure, all expected to significantly boost copper consumption.
Trafigura projects an additional 10 million metric tons of copper demand by 2035, with the EV sector alone accounting for one-third of that increase. However, supply constraints present a challenge, as the lengthy process of bringing new mines online highlights the critical need for expanded mining capacity to meet future demand. (Source: https://oilprice.com/Metals/Commodities/Is-Copper-A-Winning-or-Losing-Bet-Right-Now.html)
Standing out as a key player in this market, Abitibi Metals (AMQ) is well-positioned to capitalize on the growing demand for clean energy metals as it explores the B26 Deposit, a copper-lead polymetallic deposit in Quebec, Canada.
The B26 Deposit holds an initial resource estimate of 11.4 million tons at nearly 3% copper equivalent, with 7.0 million tonnes indicated at 2.94% Cu Eq and 4.4 million tonnes inferred at 2.97% Cu Eq. Located near the historic Selbaie mine, a significant copper-lead producer, the project benefits from excellent infrastructure, including access to roads, power, and nearby mills.
Recent progress includes a successful drilling campaign, completing 13,500 meters in phase one, with plans to drill an additional 16,500 meters in phase two. Significant drill results have returned 2.32% copper equivalent over 90 meters. AMQ aims to expand the deposit size while developing both open-pit and high-grade underground mining operations.
With 50% of global copper production coming from politically unstable regions, Quebec's stability adds significant value to the project.
Financially, AMQ is fully funded through 2026 with a $15.5 million treasury, backed by notable investors like Frank Giustra. Near-term plans include completing phase two drilling, optimizing the open-pit design, and updating the resource estimate by Q4 2024, alongside the potential for discoveries beyond the B26 Deposit.
Latest News Release: https://abitibimetals.com/abitibi-metals-extends-western-plunge-in-step-out-drilling-at-the-b26-polymetallic-deposit-highlights/
Posted on Behalf of Abitibi Metals Corp.