McEwen Mining Inc (MUX)

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****BIG Copper Mine FOR SALE****

a Spectacular Copper Play Considering 2023 Copper Deficit Forecast.

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A million tons of copper is on the way, but it may not be enough

8th April 2019

By: Bloomberg


SANTIAGO – Giant mines currently under construction will churn out an additional one-million tons of copper through 2023, but that won’t be enough to fully close an expected gap between supply and demand in the next few years.

Industry analysts and executives descending on Santiago this week for the Cesco conference, one of the industry’s biggest events, are in bullish spirits: a key indicator of the market for copper ore – known as concentrates – is pointing to the tightest market in more than five years, and banks and brokers such as Morgan Stanley and Macquarie Group rank the metal as one of their top picks.

“We are looking at a classic resource cycle," said Colin Hamilton, managing editor for commodities at BMO Capital Markets. “No one has copper coming now, when it is needed, but everyone has projects coming 2022 to 2023 – potentially after we’ve had to drive some substitution."

Copper futures traded in New York reached the highest in more than three years at the end of 2017. Shortly after that, large copper projects that had been on hold since a downturn in 2016 moved into construction phase.

Anglo American has started building its Quellaveco mine in Peru, which will begin ramping up in 2022, and Teck Resources has announced its Quebrada Blanca expansion in Chile will start producing in 2021. The two mega projects join First Quantum Metals’ Cobre Panama mine, which has started producing this year.

As a result CRU Group, which runs the main conference during Cesco Week, has cut its deficit forecast and now expects the market will be in a small surplus this year and next. The researcher forecasts a 270 000-t short by 2023.

“Prices were higher at the beginning of last year, and as a result of that a lot of board approvals came through," said

continues here.....
http://www.miningweekly.com/article/a-million-tons-of-copper-is-on-the-way-but-it-may-not-be-enough-2019-04-08

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