We could see higher copper prices moving forward. In fact, one of the world’s biggest copper traders, Trafigura Group believes the metal could hit $15,000 a tonne over the next decade, reports Bloomberg. All as demand from decarbonization efforts produces a potential deficit. Goldman Sachs says it could rally to $10,500 over the next 12 months. Citi says it could reach $12,000 by 2022. That could be substantial news for companies, such as Entrée Resources Ltd. (TSX:ETG)(OTCQB:ERLFF), Turquoise Hill Resources (TSX:TRQ)(NYSE:TRX), Rio Tinto Ltd. (NYSE:RIO), Newmont Corporation (NYSE:NEM), and Freeport-McMoRan (NYSE:FCX). In addition, according to Barron’s, “Supplies, already tight as the global economy recovers, could be further strained by a predicted fivefold rise in green energy demand in the current decade, leading to significant shortages, starting in the mid-2020s, according to a report by Goldman commodity analyst Nicholas Snowdon.
Entrée Resources Ltd. (TSX:ETG)(OTCQB:ERLFF) Just Reported Updated Feasibility Study
Entrée Resources Ltd. just announced the results of an updated Feasibility Study that was completed on its interest in the Entrée/Oyu Tolgoi joint venture property. Entrée has a 20% or 30% participating interest (depending on the depth of mineralization) in the joint venture with Oyu Tolgoi LLC holding the remaining 80% or 70% interest. The Entrée/Oyu Tolgoi JV Property comprises a significant portion of the long-life, high-grade Oyu Tolgoi copper-gold mining project in Mongolia.
Mr. Stephen Scott, Entrée’s President and CEO comments, “We are pleased to be able to report updated information that aligns Entrée’s disclosure with that of other Oyu Tolgoi project stakeholders on development of the first lift of the underground mine. Even more exciting is that, based on OTLLC’s 2020 Oyu Tolgoi Feasibility Study, first Lift 1 development production on the Entrée/Oyu Tolgoi JV Property is expected to commence in 2022. What has historically seemed like a long way out is very fast becoming a reality. Coincident with receiving first development production, Entrée will retain 10% of the available cash flow from the sale of its share of production in accordance with the terms of the Joint Venture Agreement. We are also looking forward to completion of Panel 1 optimization studies currently underway that have potential to further improve Lift 1 economics for the Entrée/Oyu Tolgoi JV.”
The updated Feasibility Study is based on mineral reserves attributable to the Entrée/Oyu Tolgoi JV from the first lift of the Hugo North Extension deposit. Lift 1 of Hugo North (including Hugo North Extension) is currently in development by project operator Rio Tinto as an underground block cave with first development production from Hugo North Extension expected in 2022. By 2030, Oyu Tolgoi is expected to be the fourth largest copper mine in the world. The 2021 Reserve Case aligns the Company’s disclosure with that of Turquoise Hill Resources Ltd. with respect to OTLLC’s 2020 Oyu Tolgoi Feasibility Study completed on Hugo North (including Hugo North Extension) Lift 1.
Other related developments from around the markets include:
Turquoise Hill Resources announced its financial results for the period ended March 31, 2021. All figures are in U.S. dollars unless otherwise stated. “Oyu Tolgoi had an exceptionally strong first quarter with production of 45,449 tonnes of copper and 145,656 ounces of gold. Our strong operational performance combined with rising copper and gold prices generated revenue of $526.5 million, a 303% increase over the same quarter last year.” stated Steve Thibault, Interim Chief Executive Officer of Turquoise Hill Resources.
Rio Tinto Ltd. and Comptech are partnering to bring a new generation of aluminium alloys to the market for use in advanced technologies such as electric vehicles and 5G antennas.Rio Tinto’s metallurgical experts have designed the alloys for the semi-solid Rheocasting process offered by Comptech, to meet the requirements of producing large, specialised single piece designs, known as giga-casting. The alloys offer high strength, electrical and thermal conductivity properties, while Rheocasting allows fast, low cost production of advanced lightweight designs.
Newmont Corporation launched its 2020 Annual Sustainability Report, part of the suite of reports on the Company’s environmental, social and governance (ESG) practices in key areas that include health, safety and security, human rights, the environment, social acceptance, governance, and inclusion and diversity. “As we celebrate our 100th year, Newmont’s commitment to sustainable and responsible mining has never been stronger. Our sustainability report provides a comprehensive review of our safety, environmental and social performance,” said Newmont’s President and CEO Tom Palmer. “With this report we offer a transparent review of how we work toward making a positive difference in the lives of our employees, stakeholders, business partners and host communities around the world.”
Freeport-McMoRan Chairman and CEO, Richard C. Adkerson, said, "During the first quarter, our global team delivered solid operational execution, building a strong foundation for near-term growth in volumes and cash flows. We strengthened our Board of Directors with the addition of David Abney and Bob Dudley, experienced leaders in international business. Our Board adopted a new financial policy aligned with our strategic position as foremost in copper, prioritizing a strong balance sheet, increasing cash returns to shareholders and disciplined investments in profitable long-term growth. We are well positioned for long-term success as a leading producer of copper required for a growing global economy and accelerating demand from copper’s critical role in building infrastructure and the transition to clean energy. Our long-lived and high-quality copper assets are supported by a seasoned and highly motivated global organization focused on building values for all stakeholders."
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