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 5 December, 2023

30 years ago, a disruptive tech devastated copper prices. It could be about to happen again!

  • Goehring & Rozencwajg is ‘incredibly bullish’ on copper over short term, but new tech could supress prices longer term
  • Introduction of heap leaching & SX-EW in the 1990s depressed the copper market for most of the decade
  • G&R say two new technologies being developed could crush the dreams of copper bulls

Click here to read more.

Across Markets

Market highlights

ASX futures down 33 points or 0.5% to 7111 near 7am AEDT

  • AUD -0.9% to 66.17 US cents
  • Bitcoin +5.7% to $US41,903 at 7.08am AEDT
  • On Wall St at 3.10pm: Dow -0.2% S&P -0.7% Nasdaq -1.2%
  • In New York: BHP -2.3% Rio -3.1% Atlassian -1.2%
  • Tesla -1.1% Apple -1.3% -Microsoft 1.7% Nvidia -3.4%
  • VIX +4% QQQ -1.3% TLT -0.6%
  • Stoxx 50 -0.1% FTSE -0.2% DAX +0.04% CAC -0.2%
  • Spot gold -2.4% to $US2023.57/oz at 1.42pm in New York
  • Brent crude -0.8% to $US78.26 a barrel
  • Iron ore -1.8% to $US128.80 a tonne
  • 10-year yield: US 4.29% Australia 4.44% Germany 2.35%
  • US prices as of 3.04pm in New York

Australian shares are poised to fall at the open, tracking losses on Wall Street where the Magnificent Seven slid, reflecting a mix of profit taking in the wake of the latest rally and a reversal in bond yields.

The RBA is widely expected to hold rates steady at Tuesday’s policy meeting.

After having collapsed on Friday amid a surge in bets that the Federal Reserve was poised to pivot to rate cuts in the first half of next year, traders pulled back.

Gold surged to a record in early US trading and then reversed. It was 2 per cent lower near 3.15pm in New York.

In a series of posts on X, Jim Bianco said: “We have so financialised gold via futures, options, ETFs and other such derivatives, that it has been turned into another fiat currency.

“So, gold goes up when the dollar goes down, instead of inflation, war(s), crisis, or even pandemics. That said, note that even though gold is going up, money is not flowing into gold ETFs. At least not yet.”

Source: AFR

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Closer to Home
  • 410 ‘rotainers’ have arrived at Port Adelaide in preparation to transport copper concentrate from Hillgrove’s Kanmantoo project
  • The first containers of concentrate will be collected from Kanmantoo early in the new year
  • Containers will provide storage for up to 12,000wmt

Special Report: Hillgrove Resources has welcomed the arrival of the first copper concentrate containers at Port Adelaide ahead of production restarting at Kanmantoo in the Adelaide Hills early next year.

The fully funded Stage 1 development of the Kanmantoo underground mine will access about 4.5Mt of project’s current underground resource of almost 7Mt to produce 43,500t of copper and 11,500oz of gold over 45 months.

Capex is a low $25m – thanks to existing infrastructure such as the 3.6Mtpa processing facility – while all-in sustaining cost is just $8051/t of copper equivalent.

Hillgrove Resources (ASX:HGO) is targeting first copper production from the revived Kanmantoo operation in the first quarter of 2024.

‘Rotainers’ dock at Port Adelaide

As preparations for the proposed restart at Kanmantoo continue, 410 rotatable containers known as ‘rotainers’ have arrived at Port Adelaide.

The rotainers are specially designed containers that rotate as they are lifted above the ship, enabling the concentrate to fall directly into the hull of the ship for bulk transport.

They also provide storage for up to 12,000wmt, enabling excess storage capacity above planned shipments of around 11,000wmt.

HGO says this design minimises dust and spillage, whilst also enabling control of concentrate blending at the load port.

Source: Stockhead

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