OZ Minerals shares have surged to a nine-year high on surging copper prices, improved cost and volume guidance and managing director Andrew Cole's prediction the pandemic will trigger much-faster adoption of renewable energy and storage.
Both copper and nickel are tipped to enjoy strong demand from the adoption of electric vehicles, and Mr Cole said he believed adoption of clean energy would be accelerated by the extraordinary circumstances of 2020.''What COVID has done is dramatically reduce emissions across the entire globe and I think in part, as a result of that, we as a society are not going to want to return to pre-COVID emissions levels because we are enjoying cleaner air around the globe and we are all working hard to reduce emissions around assets,'' he said on Thursday.''All of that lends itself to greater penetration, probably faster than what people were predicting or expecting only a year ago, of renewable energy and ways of storing energy.
''Copper is used in all of those applications and nickel is the primary ingredient and the most important ingredient in energy storage batteries.''
PM1 Price at posting:
3.9¢ Sentiment: Buy Disclosure: Held
