Ann: Chairman's Address AGM 2023, page-2

"The Board believes that short-term moves in copper prices are obscuring what is a long-term thesis for copper." Simon Gray (Chairman)

Longer-term for Havilah is apparently 2030 onwards.





Note: Goldman Sachs has previously said copper was on track to reach US$15,000 during 2025, citing a “clear structural bull story” as mine supply peaks.

The jury is out on whether the copper market will be oversupplied during 2024 amid a weakening Chinese property market.

Citigroup has previously said the main long-term risk for copper is that its superior position as an electrical conductor is challenged by new cost-effective superconductors.

Copper at US$15,000/tonne equals US$6.80/lb [at conversion factor 2204.62].

Cheers

These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.