Ann: Third rig now drilling to accelerate testing of targets, page-12

What’s Driving the New Copper Supercycle?A new copper supercycle is emerging, built on several rising geopolitical and market trends, including electrification, national security concerns, environmental policy, supply constraints and deglobalization. In combination, these are a powerful catalyst for copper demand.The prior commodities supercycle that started two decades ago was driven by China rejoining the global economy, leading to mass industrialization and the urbanization of hundreds of millions of people. The current copper supercycle is far more global in reach, has many more demand sectors, and is entwined with the national security of many countries.The U.S. is increasing tariffs and bans on materials imports to strengthen domestic industries and address security concerns. These measures include higher tariffs on Chinese energy transition-related goods to counter China's dominance in this vital industry. Despite this, China will continue to focus on energy transition, resulting in parallel or duplicate supply chains that draw on the same limited global materials supply. Meanwhile, producers are looking for ways to boost copper output in a market where the ability to grow production is exceptionally challenging.These factors all point to an exceptionally bullish outlook for copper. Below, we examine the key drivers behind the new copper supercycle


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