Rising copper prices have majors looking . . Barrick Gold “actively looking at copper projects” as M&A window closes amid price gains
The copper price has been hovering around $10,000 tons in the last seven days – its highest price in a decade – partly owing to concerns about supply. A strike among port workers in Chile followed by the country’s finance committee proposing new royalties on copper have raised serious concerns about short and long-term future supply.
According to a Goldman Sachs report today, the world copper market would flip into a deficit this year. “Our commodities team [is] expecting a 242,000 t deficit in 2021,” the bank said. “Chile will put a lot of pressure on its copper mines,” said Bristow.
He estimated that net revenue from copper would comprise about a fifth in the current financial year, up from 13% of total last year. Revenue from copper in the first quarter was 31% higher, Barrick Gold said.