Two mining executives from American Pacific Mining Corp. gave recent interviews to two industry news outlets claiming out of all metals — precious metals included — copper could have the biggest upside potential.
“Copper is beginning to define its own narrative,” Eric Saderholm, co-founder and managing director of exploration at American Pacific, said in an interview with Benzinga. “Traditionally (it has been) linked with zinc and they have followed similar paths with growth and loss, but when I look at zinc and some of the other metals, I see 100 years of reserves.”
On the other hand, copper is expected to be in a “critical pinch point” in 10 or 15 years, he said.
Copper prices have recovered since a notable drop in April and May. (Source: TradingView)
Saderholm said he expects recycling efforts of the metal to pick up, potentially beyond the current 30% market share.
“Permitting will also have to be eased,” he said. “We know we have copper mines ready to go, but at 20 years to get something going and say $6 or $7 billion — that has to be eased up or we won’t have enough copper.
American Pacific CEO Warwick Smith said to Kitco News an increase in demand due, in part, to green energy goals could exacerbate the expected supply pinch.
“To meet (the goals) by 2050, the global economy will need as much copper as has been produced in the last 3,000 years,” he said. “There just isn’t that amount of copper available, and we’re running out of time. It takes 16 years to develop a copper mine from discovery to production.
“That’s why we’re so bullish on copper.”
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