Hermosa the monster, page-86

Good thinks, Dan.

The media narrative says IO is set to fade somewhat, while EVERYTHING gets the appellation 'Critical Mineral'. Far too much indiscriminate gesturing by journalists chasing sensation.

We appear to have sufficient supply of lithium and nickel, though I do see perhaps opportunity for S32 in Ni at strictly stainless steel price multiples.

Projections of serious shortages in Cu have to be taken seriously. I dont mean the dewy-eyed forecasts of the conservation-minded for EV's and wind turbines, though these definitely add demand. I look at electrical equipment: transformers, heat pumps, switchgear, etc.

We know Australia is overlaying a brand new 500kv grid from Mt Isa to Adelaide via Sydney. Yes the cables are Aluminium, but the fun bits are all copper.

The rest of the world is building out their grids exactly the same. And do not underestimate the impact of both domestic and industrial-scale heat pumps, made of copper as aluminium gets brittle very quickly.

These fresh uses for copper are price-insensitive, so allocating copper in scarcity through price will not be easy.

I need more copper exposure.

Ash