A notable shift in the latest selection is the greater presence of copper stocks. Paring it down further, New World was the only one to appear in both the 2023 and 2024 BUPs list, with Develop and Firefly (FFM) new additions in 2024.

Copper is expected to benefit from the supply deficit that BHP reckons will begin to open up in 2027 and grow to 10mtpa by 2035. Incentive pricing for the red metal to close the supply deficit is needed.

New World expects to do its bit from its Antler project in the US. Permitting in the US can be an issue but early work by the company has it positioned to receive the final permits for a low-cost and high-margin development to proceed in the first half of CY25.