.jpeg)
1) Robert Friedland, the founder and executive co-chairman of Ivanhoe Mines, expressed his opinions recently on Bloomberg Television on where the copper price needs to be in order to start new mining projects. Mr. Friedland highlighted that copper prices must almost double to about $15,000 per ton, remaining stable over an extended period to incentivize mining companies to undertake the high risks and captial investments needed for constructing large-scale mines, particularly in Latin America. The current forecast of copper prices reaching $9,000 per ton next year while significant, falls short of stimulating the industry to commit to major mine development projects. Rising demand for metals like copper, driven by the global shift towards cleaner energy technologiesand efforts to bolster independent supply chains, contrasts with a series of setbacks at crucial mining operations. These setbacks are anticipated to tighten the copper market in the upcoming year, effectively eliminating the surplus analysts previously predicted for 2024.
2) The Minnesota Court of Appeals upheld a pivotal permit for the NewRange copper-nickel mine, affirming that regulators adequately considered future project expansions. The mine, a $1 billion endeavor, represents Minnesota's inaugural copper-nickel project, a partnership between Glencore and Teck Resources under the name NewRange Copper Nickel, formerly known as PolyMet. The appeals revolved around whether the Minnesota Pollution Control Agency sufficiently explored potential developer expansion plans beyond original permits when issuing an air emissions permit in 2019. The court confirmed that the agency's updated findings demonstrated thorough consideration, validating permit issurance. Opposing environmental groups accused the developers of misleading permits, citing potential expansion scenarios outlined in securities filings that could significantly escalate production and environmental risks. However, company officials asserted their uncertainty about future expansions and emphasized the need for a new permitting process, ensuring thorough impact assessments.