me thinks long term and the 33-36 range is another fantastic...

me thinks long term and the 33-36 range is another fantastic opportunity:

UBS: Copper - $150bn of copper project capex needed by 2035. We have been sceptical of the perennial thesis that copper supply will stop growing/start to decline in 3-5yrs; this scepticism is supported by the largest miners shifting capital allocation priorities over the last 1-2yrs towards growth (+ M&A), not just cash returns to shareholders, with a focus on copper and other "future facing" commodities. However, despite increasingly bullish long-term views on copper from the big miners, easing Covid restrictions and generally robust returns for copper projects, new project approvals in 2023/24 remained low. We believe the capex cycle for copper is turning; we expect major project approvals to accelerate in 2026/27 and that smaller projects will help to fill the supply gap in the medium term. However, limited new project approvals raises the probability of a sharp slowdown in mine supply growth in 2025/26. After 2 years of elevated inflation, we revisit the copper capex pipeline to see how much capex is needed to match demand growth (UBSe CAGR c3%) by 2030