Copper is now in the early stages of what appears to be a long-term, multi-year bull market. With soaring demand for the copper needed in electric vehicles, the power grid, data centers and more there is significant upside potential for those companies bringing copper supplies online. All of which is a powerful catalyst for copper stocks, like Gladiator Metals Corp. (TSXV: GLAD) (OTC: GDTRF), Glencore (OTC: GLNCY), Freeport-McMoRan (NYSE: FCX), Rio Tinto (NYSE: RIO) and BHP Group (NYSE: BHP).
In addition, copper demand, according to BHP Group, is expected to grow by a million tonnes per year until 2035, noted Mining-Technology.com. They added that, “The energy transition has seen an influx of copper-intensive technologies deployed, leading to the global production rate of copper doubling. BHP expects the copper industry to face significant challenges to supply with such drastic increases in demand. Rising costs of production and declining ore grades, which BHP estimates have fallen by 40% since 1991, are two key issues impacting copper supply. The company anticipates an investment of $250bn will be required to address the gap between copper supply and demand by 2050.”
Look at Gladiator Metals Corp. (TSXV: GLAD) (OTC: GDTRF), For Example
Gladiator Metals Corp. just provided an update on exploration activities at the Whitehorse Copper Project. Where 32 Diamond drillholes (CPG-031 -062) for 5,623m of drilling have now been completed at the Cowley Park prospect with assay results returned from the first 4 holes. Drilling was designed to target both confirmation of the resource potential and the exploration upside of the near surface high-grade copper skarn mineralization at Cowley Park.
Assay results from the first of 4 of a total of 32 holes (535m’s total) drilled by Gladiator include:
- CPG-032: 30m @ 1.48% Cu and 0,13% Mo (1.72% CuEq) from 56m within 48m @ 1.08% Cu (1.72% CuEq) from 38m
- CPG-035: 8m @ 2.57% Cu and 0.15% Mo (3.72% CuEq) from 8m plus 14m @ 1.31% Cu (1.57% CuEq) from 72m within 109.77m @ 0.77% Cu (1.05% CuEq) from 4.23m
- CPG-034: 6m @ 2.42% (3.15% CuEq) from 9m within 14m @ 1.22% Cu (1.60% CuEq) from 7m.
- CPG-031: 8m @ 1.48% Cu and 0.13% Mo (2.40% CuEq) from 87m within 52m @ 0.74% Cu (1.08% CuEq) from 77m
These early assays results are from a continuous section line completed across the mineralized body, reducing drill spacing to approximately 35m between holes (Figures 1 & 2) to assess the prospect ahead of resource delineation drilling planned for 2025. Assays continue to show broad widths of near surface copper (+/-molybdenum-gold and silver) mineralization envelopes containing discrete and continuous higher grade (>1% Cu) zones of mineralization.
Assays are anticipated from a further four holes on the same section line in the coming weeks. These holes targeted the flattening of the granite-skarn contact, which is the primary control on copper mineralization, to the south. Results pending.
Although these results have yet to have been received, results returned recently from the sampling of historical hole CP-150 (including 17.18m @ 1.0% Cu (1.25% CuEq) from 86.94m and 9m @ 1.05% Cu (1.59% CuEq) from 112m) provides confidence that mineralization will extend beyond the currently drilled area.
In addition, Gladiator completed further sampling of unassayed or partially assayed historical drill core from Cowley Park in preparation for the diamond drill campaign, sampling and assaying returned significant results that were previously unannounced, including:
- CP-140: 10.80m @ 3.64% Cu (4.31% CuEq) from 35.2m within 45m @ 1.36% Cu (1.76% CuEq) from 29m.
- CP-145: 38m @ 1.10% Cu (1.61% CuEq) from 23m
- CP-147: 11.90m @ 1.05% Cu (1.13% CuEq) from 60.85m
- CP-150: 17.18m @ 1.00% Cu (1.25% CuEq) from 86.94m and 9m @ 1.05% Cu (1.59% CuEq) from 112m
- These results provide further context and confidence for Gladiators future drilling campaigns at Cowley Park.
Other related developments from around the markets include:
Glencore’s Chief Executive Officer, Gary Nagle recently said, “We are pleased to report strong strategic achievements for the Group over the year to date. Our Industrial portfolio has been further streamlined with the sale of our Volcan stake and strengthened with the addition of a 77% interest in Elk Valley Resources (EVR). Our updated Climate Action Transition Plan (CATP) received more than 90% shareholder support at our 2024 AGM, the Swiss and Dutch government investigations have been resolved and our 2024 production guidance has been maintained and enhanced, with a skew to the second half of 2024.”
Freeport-McMoRan announced that its Board of Directors declared cash dividends of $0.15 per share on FCX’s common stock payable on November 1, 2024, to shareholders of record as of October 15, 2024. The declaration includes a base dividend of $0.075 per share and variable dividend of $0.075 per share in accordance with FCX's performance-based payout framework. The payment of dividends is at the discretion of the Board, which will consider FCX's financial results, cash requirements, global economic conditions and other factors it deems relevant.
Rio Tinto Chief Executive Jakob Stausholm recently said: “Our operational performance continues to progress. While there are still significant improvements ahead, we are beginning to see a step-change in production, including from our Queensland bauxite business following the roll-out of the Safe Production System. We are growing with discipline in the materials the world needs for the energy transition. Construction of the Simandou high grade iron ore project in Guinea is advancing at pace, the ramp up of the Oyu Tolgoi underground is on track and we are set to achieve first production from the Rincon starter plant by the end of the year We continue to prioritise the decarbonisation of our business, announcing the installation of carbon free aluminium smelting cells using ELYSIS technology at our Arvida smelter in Quebec and an investment in a R&D facility to test our low-carbon ironmaking process, BioIron, in Western Australia. We also signed 20-year electricity arrangements backed by renewable electricity to secure the future of the Tiwai Point aluminium smelter in New Zealand. As we progress against our four objectives and strategy, we have a clear long-term pathway to profitable growth and continued attractive shareholder returns.”
BHP Group recently noted that BHP Xplor, the six-month accelerator program aimed at revolutionizing critical mineral exploration, has officially opened applications for the 2025 cohort. Following the success of the 2023 and 2024 cohorts, BHP Xplor is excited to invite early-stage explorers to join its next chapter. Once again, the program is seeking visionary teams focused on uncovering new sources of critical minerals crucial for a sustainable future. The BHP Xplor program is designed to accelerate participants' exploration opportunities while fostering long-term relationships with BHP. Participants will benefit from up to $500K equity-free funding, expert mentorship, and invaluable connections within BHP’s extensive network of suppliers and service providers.
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