Copper, nickel price: 3 charts that bolster the bear case
The mad surge in the copper price took even ardent bulls by surprise, but doubts are beginning to creep in about the sustainability of the rally, at least in the short term.
A transfer of lucrative cobalt and copper assets by the Democratic Republic of Congo’s state mining company enabled a little-known investor to make $40 million within weeks.
Current prices would seem “far too low” if governments fulfill pledges for green infrastructure and electric-vehicle incentives, Concord Resources said.
The miner beat expectations with a small fall in 2020 earnings, but boosted dividend as soaring commodity prices helped it recover from covid-19 disruptions in the first half of the year.
The company has agreed to buy a share of cobalt production from Vale’s Voisey’s Bay mine in Canada, giving the mining royalty and streaming company exposure to the key battery metal for the first time.