morenci capital

The main takeaway from the conference in London was that there is no acceleration of new copper mining supply, as expected.

I did learn of one new project, Hod Maden, which is high grade and looks likely to come on stream in 2027, but at 10kt copper p.a. will not meaningfully impact the global supply / demand balance.

Projects in Arizona, both restarts and greenfield, also unlikely to be in production before 2027.

duncan maclean was previously head of mining research at Goldman Sachs and responsible for resource investments at Atticus Capital, a hedge fund. the mandate of morenci capital is to invest in the direct and indirect beneficiaries of the energy transition