There is no decarbonisation without copper, and we’ve been underinvesting for over a decade. However, there are projects in the pipeline, if we can get past roadblocks…
Here’s your list of 10 deposits that could ignite the #energytransition, and bring over 200b lbs in supply
1 🇺🇸 Pebble $NDM.TO
Located in Alaska, and potentially a boon for US-based electrification efforts, this mammoth has faced strong community opposition due to environmental concerns & NIMBY.
Uncertain if it will ever be built
56b lbs 💎 0.40%*
2 🇺🇸 Resolution Copper $RIO $BHP
In Arizona, a JV between Rio Tinto & BHP. Discovered over 2 decades ago, $2b spent, expected to be producing by now. Faces opposition from aboriginal communities. Permitting process can get long & painful…
40b lbs 💎 1.5%
3 🇦🇷 Pachon $GLEN.L
Located in San Juan, Argentina also in the high Andes. Owned by conglomerate @Glencore . Discovered in the 60s, currently working on feasibility. Glacier concerns and the country’s financial woes have slowed it down
33b lbs 💎 0.47%*
4 🇪🇨 Alpala/Cascabel $SOLG.L
SolGold & Cornerstone own this asset, working in Ecuador for over a decade. The country has been challenging, but they’ve expanded the resource, completed pre-feasibility & received support from $OR.
21b lbs 💎 0.37%*
5 🇦🇷 Los Azules $MUX
In San Juan, Argentina, high Andes. $2.4b CAPEX, infrastructure & jurisdictional challenges, but @McEwenMining keeps relentlessly expanding and doing pre-development work
10b lbs 💎 0.48% | 19b lbs 💎 0.33%**
6 🇦🇷 Taca Taca $FM.TO
In Salta, Argentina. BHP (Dad 🖐 again!), then Lumina Copper, acquired by First Quantum for $470m. Reserves declared in 2020 and moving along. Mining-friendly province w/lithium developments. $NOVR has a royalty
15.5b lbs 💎 0.44%
7 🇦🇷 MARA (fmr Agua Rica) $YRI.TO
Formerly BHP (Dad managed it in the 90s), currently Yamana -getting acquired by Gold Fields-, Glencore & Newmont. Community issues, NIMBY but aiming to use infrastructure at nearby Alumbrera (fmr mine)
11.7b lbs 💎 0.48%
8 🇦🇷 Altar $ALDE
Located in San Juan, Argentina, high Andes. Previously Peregrine, Stillwater-Sibanye, currently @AldebaranInc . No economic studies yet, but resources continue to be expanded. Similar challenges as Azules & Pachon
11.3b lbs 💎 0.43%*
9 🇦🇷 Jose Maria $LUN.TO
Yet another deposit in the Andes. Formerly Jose Maria Resources, acquired by Lundin last year for C$625m. With Filo, part of a newer wave in copper discoveries in the region, linked to @LundinGroup
6.7b lbs 💎 0.30%
10 🇨🇱 Filo del Sol $FIL.TO
In Copiapo, Chile straddling the border with Argentina. As with all high Andes, seasons are limited due to weather. In recent years, Chile has become harder -community opposition, political swings- but the markets love Filo… and copper ❤ Chile!
2.2b lbs 💎 0.39%
What a list! Been to a few myself.
Will all these copper deposits get developed? Hard to say. Some will, definitely. But in general, it’s taking way too long. We must fix this to fast-track the #energytransition.
Want more? Here’s another great list
References:
- All figures in billion lbs
- 💎 Grades are Cu not CuEq
- Cu= copper
- CuEq= copper equivalent
- *= measured + indicated resources
- **= 1st indicated, 2nd inferred
- No clarification = reserves
Confused about reserves vs resources? See this.
Notes:
- Copper is found w/other metals, and those mentioned contain gold, silver, molybdenum, etc. Not included to focus on copper
- Multiple sources were used in the compilation. See companies’ websites for more details (or ask for the links & I’ll add at the end of the thread)
- There are more undeveloped deposits elsewhere in the world, equally relevant. My focus is on the Americas & Australia, hence my lists will always skew that way.
- From this group we only hold $MUX
- Nivaldo Rojas, FAusIMM @IIMCh Dad was a copper porphyry expert/geologist focused on the Andes. He visited hundreds of copper deposits globally in his 50-year career. From this list, he explored Los Azules, MARA, Taca Taca, Pachon & Altar. He passed away in 2017 💔
TL;DR
- Copper deposits are large & expensive
- Take decades from exploration to mining
- Permitting is a nightmare
- Lots of NIMBY & community opposition
- The Andes is literally a ‘gold mine’ (well, copper-gold 😁)
- High altitude can slow progress
- 10 gems= over 200b lbs metal
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