At the beginning of 2024, Forbes was reporting on a showdown between the United States and China over a dwindling copper supply, as prices soared. Now with the rise of artificial intelligence (AI), the tech sector is getting hungrier for more copper, with AI recently helping to find millions of tons of it in Zambia. Despite a small price slump over the last few months, there are still analysts confidently expressing bullish sentiment for copper over the long term, with Citigroup predicting further price increases. 

Looking ahead, the US copper supply is set to grow by 4% in 2024, while other developments from copper miners will look to ease shortage fears with new supplies as global demand is projected to skyrocket. Among the miners currently making progress are developers and producers, including Usha Resources Ltd., Southern Copper Corporation, Metals Acquisition Limited, Taseko Mines Limited and Ero Copper Corp.

Critical energy transition metals developer Usha Resources Ltd. recently entered the copper space after executing an option for the right to purchase an undivided 100% interest in the Southern Arm copper property from Abitibi Metals. The move comes after Usha entered an LOI to divest up to 90% interest in its Jackpot Lake lithium asset for US$26,025,000—a transaction that would give Usha a return-on-investment of over 1,300% after only spent approximately US$1.835 million on acquiring and developing Jackpot Lake since 2022.

Wasting no time on its new copper asset, Usha began August by commencing fieldwork on the drill-ready Southern Arm Copper-Gold VMS Property. The program is part of the option agreement that Usha signed with Abitibi Metals to earn 100% of the asset over 2 years, beginning with a biogeochemical survey on the property. 

"Production in the second half of 2024 is expected to be stronger with the major project and maintenance work in both concentrators completed," said Stuart McDonald, President & CEO of Taseko. "An updated mine plan and mill throughput opportunities are being evaluated to recover some of the production that was lost during the strike. Copper production for the year is expected to be in the range of 110 to 115 million pounds, compared to original guidance of 115 million pounds."

Usha states that the biogeochemical survey aims to identify additional priority targets prospective for high-grade gold and copper mineralization. These targets will be included in the Usha's maiden drill program set to begin this coming fall.

"Producing our first saleable copper concentrate at the Tucumã Project and successfully completing the first 24-hour shift of continuous mining and milling operations are important milestones as we begin our ramp-up towards commercial production," said David Strang, CEO of Ero Copper. "We are rapidly progressing towards an important inflection point for our consolidated copper production and cash flows. It is an exciting time for the Company and with copper prices performing well year-to-date, the timing of the completion and ramp-up of Tucumã could not be better."

CONTACT:

USA NEWS GROUP
info@usanewsgroup.com
(604) 265-2873

 

Source: prnewswire.com

Report Abuse