Copper price in Q4

Copper started the fourth quarter of the year on a strong note. On October 2, the metal reached its quarterly high of US$4.60 before starting a month-long slide to US$4.31 on October 31.

Volatility was the story at the start of November. Copper soared to US$4.45 on November 5 before dropping to US$4.22 on November 6, then spiked to US$4.41 on November 7; finally, it crashed to US$4.05 on November 15.

Copper price, Q4 2024.

Chart via Trading Economics.

While copper did see a couple of rallies as the year ended, it only briefly broke through resistance of US$4.20 from December 9 to 11 before settling toward the US$4 mark at the end of the month.

As of December 23, the copper price was sitting at US$4.02.

Copper concentrate market to stay tight

In an October report, Fastmarkets predicts that the concentrate market will remain tight in 2025.

This tightness will continue to impact refiner treatment charges. Though they are expected to rebound to around US$20 to US$30 per metric ton (MT), they will still be short of the US$80 mark reached in 2023.

The situation has become more challenging as new operations, particularly in China, expand capacity in 2024. Fastmarkets anticipates no change in the situation in 2025, as new smelters are set to come online in China, Indonesia and India. The additional capacity will see more refiners fighting for the available supply.

The research firm says several other factors are contributing to copper concentrate shortages, including the loss of material from First Quantum Minerals’ (TSX:FM,NYSE:FM) Cobre Panama mine after it was ordered shut down in November 2023. Other miners that have cut their production forecasts are also adding to supply woes.

For example, Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) revised its copper production guidance when it released its third quarter results on October 23. In its release, Teck indicates that the updated range now stands at 420,000 to 455,000 MT, down from the 435,000 to 500,000 MT estimated at the start of the year.

The company said the reduction was due to challenges with labor availability and problems with autonomous systems in its new haul trucks at its Highland Valley mine in BC, Canada.

China’s economy dragging on copper

A significant headwind for copper at the end of 2024 has been the continued challenges posed by China’s faltering economy. Although the country has introduced stimulus measures, they have made little difference.

The most recent stimulus announcement came on December 24, when the Chinese government announced it would issue US$411 billion worth of special treasury bonds in 2025. This package would be the highest on record, and would represent an increase over the US$137 billion issued in the past year.

The move follows President Xi Jinping’s keynote address at the country’s annual economic policy meeting on December 11 and 12. Xi said at the time that the economy was stable, and that the government would be working to boost consumption through looser monetary policy and more active fiscal policy. Few details were given on how the country would achieve its goals, and the US$411 billion debt injection could be the first sign of that policy.

In addition, in September, the Chinese government announced measures to increase credit, support cities in purchasing unsold homes and restructure debt. These efforts have failed to turn around the world’s second largest economy.

China is the world’s largest copper consumer, and any shift in the strength of the nation’s economy will have implications for the price trajectory of base metal.

How did copper perform for the rest of the year?

Copper price in Q1

Copper supply was in focus in Q1 as First Quantum provided an update on its Cobre Panama mine.

The mine was forced to close at the end of 2023 after the Panamanian Supreme Court walked back a company-friendly deal initially approved in October 2023.

At the beginning of 2024, First Quantum pursued several avenues to resolve the issue and reopen the mine, including arbitration. It also waited for the results of Panama’s May election in hopes of more mining-friendly leadership.

Copper price in Q2

The second quarter was dominated by news of output curtailments at Chinese smelting operations.

The cuts came as lower production levels from copper miners began to stress treatment charges at refiners as they competed for the limited availability of copper concentrate.

In turn, this pushed the price of copper prices higher at major exchanges.

“So there’s the cathode price. That’s stated in the LME, and Shanghai and the COMEX in the states. But if the market is tight in any of those regions locally, you will see a cathode premium … over the price of the copper,” he said. “People are willing to pay more to incentivize people that have copper inventory to release it into the market.’

Copper price in Q3

Copper supply and demand both saw growth during Q3.

The International Copper Study Group reported in an October 21 release that mined production of copper had increased by 2 percent year-on-year to 14.86 million MT during the first eight months of 2024.

Much was owed to 3 percent growth from Chile, with increases at BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida mine, as well as the Collahausi mine, which is a joint venture between Anglo American (LSE:AAL,OTCQX:AAUKF), Glencore (LSE:GLEN,OTC Pink:GLCNF) and Mitsui (OTC Pink:MITSF,TSE:8031).

Output from the Democratic Republic of Congo increased 11 percent, while Indonesia’s production rose 22 percent.

At the same time, demand increased slightly by 2.5 percent. Much of the additional demand came from 2.7 percent growth in Asian markets, which includes a 0.5 percent increase in Chinese refined copper imports.

Investor takeaway

The copper market has been tight all year, with new demand accelerating beyond new mine supply.

This demand growth is expected to continue as the world transitions from fossil fuels to renewable technologies that require more copper, like wind and solar. However, copper demand is still constrained by weakness in the Chinese economy, particularly in its housing sector, which is an important driver of global demand for the metal.

Ultimately, in the longer term, copper supply will be lacking from new projects and expanded production to meet demand. The base metal is expected enter a supply deficit over the next few years.

1. Victoria Gold Placed into Receivership After Heap Leach Pad Failure at Eagle Gold Mine

Victoria Gold’s collapse into receivership following a heap leach pad failure at its Eagle mine in Yukon marked one of the gold sector’s most consequential stories of 2024, and our coverage of the August receivership order was our most popular gold news piece of the year.

The environmental fallout from the June incident has been severe, with cyanide contamination detected in local waterways and reports of fish deaths.

The Na-Cho Nyäk Dun First Nation, whose traditional territory hosts the mine, criticized Victoria Gold’s cleanup efforts, demanding a halt to all mining activities in the region. The Yukon government also took legal steps to assert control over environmental mitigation, citing the company’s noncompliance with directives.

This culminated in an Ontario court approving receivership in August, with PricewaterhouseCoopers (PwC) becoming the receiver and manager of Victoria Gold’s assets. The firm is now overseeing cleanup operations.

On December 9, Ontario Superior Court Judge Barbara Conway approved a US$55 million increase to the receivership budget, bringing the total to US$105 million to fund environmental mitigation through March.

Additionally, PwC has been granted expanded authority to sell non-core assets and appoint technical advisors, further solidifying its role in managing the aftermath of this environmental disaster.

2. Goldman Sachs Bullish on Commodities, Shares 2024 Price Calls for Gold and Copper

In late March, we reported on Goldman Sachs’ (NYSE:GS) outlook on commodities in 2024, in which it cited strong structural and cyclical demand as the main drivers of an anticipated positive market.

The US investment bank projected raw materials would deliver a 15 percent return by year’s end, with particular optimism for gold and copper.

Analysts forecast gold prices to reach US$2,300 per ounce and copper to surpass US$10,000 per metric ton by the end of the year, supported by expected interest rate cuts in the US and Europe. Gold and copper, already performing strongly in Q1, went on to break through those targets in April and May respectively.

Goldman Sachs reiterated its bullish position in September, increasing its price target for gold to US$2,700 per ounce by early 2025. This optimism stemmed from central bank demand and anticipated US Federal Reserve rate cuts.

Gold peaked at US$2,788 per ounce on October 30, one day after the analyst firm predicted that the precious metal would reach US$3,000 per ounce by the end of 2025.

However, gold has experienced volatility in the time since, pulling back on factors such as the November 5 US election, and the US Fed’s December 18 announcement of slowed rate cuts for 2025.

The spot gold price fell by over 2 percent to US$2,585 per ounce following the Fed announcement as the market buzzed with concerns about inflation and tighter monetary policy under the new Trump administration.

3. Metals Focus: Gold Price to Average US$2,250 in 2024, Setting New Record

In the firm’s annual Gold Focus report, released in June, independent consultancy Metals Focus forecast an average gold price of US$2,250 per ounce in 2024, which would be a new record average price for the precious metal.

The report highlights key drivers for gold’s performance, including looming US debt issues, a contentious election season and uncertainty over China’s economic recovery.

Central bank demand, led by Turkey, China and India, remained robust, contributing to gold’s momentum. Geopolitical risks, particularly in the Middle East, also bolstered investor sentiment.

As we know now, gold experienced a historic run in 2024. Gold prices hit a 39 new all-time highs in dollar terms during the year, marking the most record highs in 45 years. Its latest occurred on October 30, when the metal closed at US$2,788.54 per ounce.

Ultimately, the average gold price in 2024 came in well above Metals Focus’ bullish forecast. As of December 30, 2024’s average closing price for spot gold is US$2,388.09, up by 26.5 percent over 2023’s average of US$1,943.

4. Gold from Canada’s Biggest Heist Reportedly Smuggled to India, Dubai

On July 8, 2024, we updated readers on the latest development on the theft of 400 kilograms of gold stolen from Toronto’s Pearson International Airport in April 2023.

At that time, Canadian police revealed they believed a significant portion of the gold had been smuggled to India and Dubai. Peel Region police identified these destinations as primary markets for illicit gold, where it can be melted down and re-enter the global supply chain.

The gold, valued at over C$20 million at the time of the theft, was part of a shipment from Zurich, Switzerland, destined for a Canadian refinery.

The heist has since been dubbed Canada’s largest gold theft and the sixth largest in the world.

Nine arrests had already been made in connection with the theft, with suspects facing more than 19 charges. The police said that the suspects reportedly used a 5 metric ton truck and rudimentary smelting equipment to transport and process the stolen gold.

While not much has come out since, Air Canada (TSX:AC,OTCQX:ACDVF) and secure transit company Brink’s (NYSE:BCO) are embroiled in a lawsuit over who is at fault and who should cover the cost of the lost gold.

5. NYSE Resolves Glitch That Showed 99 Percent Drops for Barrick Gold, Other Stocks

The New York Stock Exchange (NYSE) addressed a technical issue on June 3 that caused misleading price displays for around 50 companies listed on the exchange, including Barrick Gold (TSX:ABX,NYSE:GOLD) and Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A).

The problem stemmed from a malfunction in the exchange’s limit up limit down (LULD) bands, which are designed to curb extreme market volatility by preventing trades outside predefined price ranges.

As a result, some stocks temporarily appeared to experience nearly 100 percent losses during morning trading. NYSE resolved the glitch and the companies were back to trading normally after a brief pause of about 30 minutes.

While it was resolved quickly, there has been fallout from the event, which saw stock traders placing buy orders at the rock-bottom prices during the trade pause that filled at the stock’s usual price or higher when trading resumed.

For example, Reuters reported that Interactive Brokers (IBKR) is down US$48 million after it covered losses for its clients who placed orders for Berkshire Hathaway’s class A shares at US$185 that filled at prices of up to US$741,971, more than US$100,000 higher than its pre-glitch price. The exchange denied Interactive’s request to bust the trades that were completed at ‘anomalously’ high prices.

Investor Insight

With a growing list of natural resources assets vital to growing global demand in the healthcare and technology sectors, VVC Resources presents an investment opportunity for investors looking to diversify their portfolios.

Overview

The global helium market is expected to increase from $4.45 billion in 2022 to $5.03 billion in 2023 at a compound annual growth rate of 12.9 percent driven by the growing demand for helium from the healthcare industry. Helium is important in medicine because this rare element is used in various ways, one of which is as a refrigerant capable of cooling the superconducting magnets in MRI scanners. This non-reactive, non-corrosive, non-flammable noble gas is not only used in diagnosis equipment but also as an adjunct therapy for certain diseases like COPD, asthma and bronchiolitis.

Although helium is the second most common element on earth, global helium supplies are running low. Resource companies that supply industries dependent on helium should explore potential helium reserves and evaluate data to come up with a unique strategy for increasing helium production.

VVC Resources (TSXV:VVC;OTCQB:VVCVF) engages in the exploration, development and management of natural resources – specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel and the expanding green economy.

The company’s portfolio includes a diverse set of assets and high-growth projects, comprising: helium and industrial gas production in the western US; copper and associated metals operations in northern Mexico; and strategic investments in carbon sequestration and other green energy technologies.

VVC currently targets helium reserves in the US by reactivating old gas wells and drilling new wells. In January 2022, the company engaged Foreland Operating to manage the day-to-day helium operations going forward. In March 2022, VVC announced the successful completion and connection of its first helium well in the Syracuse Project. The well, known as the Levens #2, was connected to Tumbleweed Midstream’s Ladder Creek Pipeline, which transports gas to the Ladder Creek Helium Processing Plant in Cheyenne Wells, Colorado. VVC further confirmed the presence of helium up to 1.14 percent from its second drilled well in the Syracuse Project.

VVC also acquired the Monarch Project to further capitalize on the growing demand for helium due to increased global usage. The Monarch Project consists of more than 1,700 acres of gas leases located in Greely County, Kansas with six existing wells. Minor repairs were made to five of the six wells, restoring electric power service, and began generating revenue from the natural gas and helium at low volumes. The focus of this project is the 14 additional potential well locations which are conveniently located for connection to the Tumbleweed pipeline.

VVC’s helium portfolio reached another significant milestone with the installation of 14 miles of its internal gathering system pipeline in the Syracuse Project. The major infrastructure will seamlessly transport gas produced by the company’s helium and natural gas wells to a nearby processing plant. The milestone increases the pipeline’s length from 7 to 14 miles and the project’s capacity from 50 to 100 wells.

VVC is advancing its Gloria copper property in Mexico towards production. The 4,055-acre Gloria property is situated in the northern part of Mexico’s Chihuahua state in the Sierra Madre region 60 kilometers southwest of El Paso, Texas. The project is also supported by infrastructure including an access road and an available mining workforce.

VVC Exploration is led by a management team with a wealth of mining experience and is supported by a board of directors with significant influence in both the mining and financial industries. The management and board are also notably invested in the company, with the CEO, members of management and the board of directors listed as top investors. As a whole, the company has a tight share structure with over 90 million shares held by the top 25 investors.

Company Highlights

Helium, Natural Gas & Other Industrial Gases

• A growing portfolio of helium and NG projects with the acquisition of Plateau Helium, currently comprising 69 leases covering 16,400 acres known as the Syracuse Kansas project, 1,600 acres in the Monarch property, Stockholm project (3,000 acres), Johnson-Moore project (6,000 acres), LF project (5,000 acres) and State Line project (6,000 acres).
• The Colorado project, located in Eastern, Colorado, comprises 23,000 acres of gas leases and leasing continuing, with a total of 26 historical wells that were previously drilled flowing gas that tested helium above 3 percent.
• Six wells connected and producing, two ready to complete in the Syracuse KS project (as of December 2024).
• One well drilled and completed, producing into tanks in the Stockholm KS project. Connection line to processing plant in process. Helium, natural gas and oil sales expected in January 2025, additional well sites identified (as of December 2024).
• The initial well of the Kansas Oil project has begun producing. The company is currently in the planning phase for additional wells in the area.
• Installed 14 miles of internal gathering system pipeline to transport helium and natural gas wells to a nearby processing facility.
• Installed a 15-mile water disposal system.

Copper, Base & Precious Metals

• VVC’s near-production Gloria copper property, located in Mexico, has an indicated copper resource of 59.4 million pounds and 89.33 million pounds of inferred copper.

Strategic Investments

Energy Transition & Carbon Capture

• Strategic investment in Proton Green as part of its carbon capture venture. Proton Green’s focus project, the St. John’s Field, contains 33 billion cubic feet of helium and the ability to inject up to 22 million metric tons of CO2 per year at its primary basin
• Helium production began August 30, 2023.
• Food grade CO2 production is expected to begin in 2025.

Helium & Natural Gas

• Strategic investment in the PHC South Africa project, located in the Free State, Republic of South Africa East of Welcome and South of Kroonstad 147 miles southwest of Johannesburg (152,000 acres).

Key Projects

Helium Portfolio

As of Dec 2024

Plateau Helium Corporation

In January 2021, VVC Exploration acquired Plateau Helium Corporation (PHC), a Wyoming Corporation focused on helium exploration and development, primarily in the western US. PHC’s initial target project is located in Kansas and currently comprises 69 leases covering 16,371 acres known as the Syracuse Helium Project.

Plateau Helium Corporation engaged Foreland Operating to manage the company’s helium production. Foreland Operating is a Texas-based upstream oil and gas operating company with a long-tenured team that has been operating in many of the premiere US basins including the Barnett Shale, the Marcellus Shale and the Permian Basin.

Syracuse

Syracuse is VVC’s helium project with 16,400 acres of contiguous oil and gas leases. The company has identified 16 identified well sites in the area with internal estimates of a future resource of 75 Bcf of gas. Currently, Syracuse has 22 well sites permitted or currently being permitted, each with the potential to produce over 1 billion cubic feet of gas.

In 2022, the company announced it successfully completed and connected its first helium well to the project. The well is known as the Levens #2 and was connected to Tumbleweed Midstream’s Ladder Creek Pipeline allowing the transport of gas to the Ladder Creek Helium Processing Plant in Cheyenne Wells, Colorado. The Levens #2 was successfully drilled to a depth of 2,478 feet and encountered multiple gas zones.

As of Dec 2024

Monarch Lease

VVC purchased the Monarch Lease in April 2021, bolstering VVC’s ability to capitalize on the growing demand for helium, driven by increased global usage. The Monarch Lease is a 1,720-acre property that is located in the Byerly Field in Greely County, Kansas and includes six formerly producing gas wells that are still connected to the Tumbleweed Midstream pipeline. All wells produced both methane and helium. There is additional potential in the deeper zones of this property which VVC will explore.

Stockholm Project

The Stockholm project is VVC’s top drilling priority project in Wallace Kansas in an area with significant natural gas potential. Stockholm spans 3,000 acres of permitted jurisdiction targeted for helium, natural gas and hydrogen. VVC has commenced drilling activities at the Josephine Mack 1-18 well, marking the initiation of the company’s first test well within the Stockholm project.The Josephine Mack 1-18 well is VVC’s strategic entry into this geologically promising region which evaluates the hydrocarbon potential of the Morrow Zone. The Stockholm project shows potential for oil production as well.

Copper and Associated Metals

VVC’s current copper focus project is Gloria in Northern Mexico which is a host to oxide copper mineralization with a copper resource of 59.4 million pounds, indicated (9.6 million tonnes grading 0.28 percent copper) and 89.33 million pounds, inferred (14.4 million tonnes grading 0.28 percent copper). The property spans 4,055 acres in Chihuahua State and drilling over the past two years has defined a significant copper mineralized zone over a 15-kilometer strike.

Gloria provides VVC with a unique exposure to the copper market. Approximately 100,000 tons of artisanal ore piles on site that have been high graded, hand cobbed (sorted), and can be utilized for pilot/test mining.

Located in Central Sonora Mexico is VVC’s 16,622-acre Cumeral gold/copper exploration project. Cumeral covers an epithermal style, mineralized gold/silver zone at least 3.6 kilometers long with geological structure and surface sampling suggest the potential for multi-million ounce gold deposit.

Carbon Capture

Proton Green

VVC recently made a strategic investment in Proton Green, an energy transition company poised to become one of the leading helium producers and carbon sequestration hubs in North America.

Proton Green, LLC, is a producer of helium and hydrogen and is building out its position as a large carbon sequestration operator in North America. With operating control over the St. Johns Field, a 152,000-acre property in Apache County, Arizona, Proton Green controls a helium reservoir and carbon storage basin.

Proton Green’s initial project is the St. Johns Field. The St. Johns Field is a massive helium reservoir and immense carbon storage basin located in Apache County, Arizona. Extensive third-party geological studies performed on the property indicate reserves of up to 33 billion cubic feet of helium in shallow, easily accessible reservoirs. Capable of producing one billion cubic feet of helium per year, it will be among the most prolific helium production sites in the world.

It is also projected to be among the largest carbon capture companies in North America, with 22 million metric tons of carbon sequestration per year, and a total storage capacity of over 1 billion metric tons.

Management Team

Terrence Martell – Chairman of the Board

Dr. Terrence Martell is the director of the Weissman Center for International Business at Baruch College and the Saxe Distinguished Professor of Finance where he oversees a myriad of international education programs and projects. He is also the chairperson of the University Faculty Senate and an ex-officio member of the board of trustees at The City University of New York. His area of expertise and research is international commodity markets.

He is a director of the Intercontinental Exchange (ICE) where he serves on the audit committee and has many roles. He serves on the board of the Manhattan Chamber of Commerce and is a member of their executive committee. He is also a member of the New York City District Export Council of the US Department of Commerce and a member of the Reuters/Jefferies CRB Index Oversight Committee. Dr. Martell received his BA in Economics from Iona College and his PhD in Finance from the Pennsylvania State University.

James (Jim) Culver – President, CEO and Director

Dr. James Culver has spent over 40 years in the fields of commodities, international trade and trade finance, holding posts in government, academia and the private sector. For the last 20 years, he has focused on commodity finance and commodity project finance, primarily in mining and metals and agricultural products. He spent 22 years working in New York City where he most recently managed two private commodity asset-based lending companies and developed hedge funds to support their lending activities.

Previously, Dr. Culver served as chief economist and director of the Economics and Education Division for the Commodity Futures Trading Commission. He was responsible for market surveillance and new product approvals. He also served for five years on the staff of the Committee on Agriculture of the US House of Representatives. In addition, Culver has been an active participant in a family-owned and operated business, The Parsons Group International Education Inc., a for-profit educational services company. He earned his B.Sc. at the University of Tennessee Martin and his MSc. and PhD degrees from the University of Tennessee Knoxville.

Andre St-Michel – Senior Consultant, Mexican Operations

A Canadian mining engineer and geologist residing in Chihuahua, Mexico, Andre St-Michel has over 30 years of experience in the mining business with a focus on mine development, mill operation, administration and finance. He has spent the last 10 years working in Mexico where he currently serves as President and CEO of Freyja Resources.

From 2003 to 2008, he was a senior executive of Dia Bras (now Sierra Metals), responsible for its exploration programs and the start-up of its Bolivar copper and zinc mine. From the initial start-up of the mine in 2005, production reached 450 tons per day in 2006 with annual projected revenues of approximately $27 million and cash flows of approximately $10 million. Prior to 2003, he served as president of ECU Silver Mining, developing programs and properties in the US, Brazil and Mexico. He holds a degree from the Laval University Engineering School and a Master’s degree in Project Management from University du Quebec. He is a professional engineer.

Michael Lafrance – Director and Secretary-Treasurer

Michael Lafrance has been VVC Exploration’s secretary and treasurer and geological consultant since December 2012. Since 1980, he has served in similar roles with many other publicly-traded exploration companies. He is also the corporate secretary of POET Technologies Inc. (formerly Opel Technologies), a pioneer in the field of integrated circuits. He is a graduate of the University of Ottawa.

Kevin Barnes – CFO

Kevin Barnes has served as the corporate controller and CFO of various public and private companies over the last 12 years. He also served in the role of IT manager and senior accountant with Duguay and Ringler Corporate Services, a firm which provides corporate accounting and secretarial services to publicly-traded companies. He served as the controller of Canada’s Choice Spring Water, one of Canada’s first publicly traded bottled water companies.

He currently serves as CFO of Poet Technologies, a pioneer in the field of integrated circuits and Controller of an international training institute with revenues of $100 million. Barnes received a computer operations diploma from the Careers Development Institute and has a Certified Management Accountant designation from the ICMA Australia. In 2006, he became a member of the Institute of Chartered Secretaries and Administrators of Canada.

Peter Dimmell – Director

Peter Dimmell is a geologist and prospector who has been involved in mineral exploration in Canada, the United States and overseas for 38 years. He is experienced in all aspects of the mining industry and has guided on-site operations from exploration through to production. He is a past president of the Prospectors and Developers Association of Canada (PDAC), a director and former chairman of the Newfoundland and Labrador Chamber of Mineral Resources and a councilor and member of the Geological Association of Canada. He sits on the Board of Directors of four other public companies: Arehada Mining, Linear Gold, Pele Mountain Resources and Silver Spruce Resources, for which he also serves as CEO.

Bruno Dumais – Director

Bruno Dumais is vice-president of finance, for BroadSign International, a Montreal-based provider of digital signage solutions. He possesses over 20 years of experience in financial, forecast and strategic planning and is responsible for overseeing global financial activities. Before joining BroadSign, he was the chief financial officer, vice-president of finance and a consultant at Mitec Telecom for seven years. He has also held senior level positions in companies crossing a variety of sectors, such as Gestion Exponent, Nortel Networks and Premier Tech. Dumais is a chartered professional accountant and holds both a Bachelor in Business Administration from the University of Quebec in Rimouski and an International MBA from the University of Ottawa.

Patrick Fernet – Director

Patrick Fernet is a legal, operations, and corporate governance expert with more than twelve years’ experience in Canadian small-cap public corporations. He serves as a consultant to VVC on a variety of corporate matters. He has more than 15 years of governance experience with small-cap Canadian corporations.

Scott Hill – Director

Scott Hill has served as chief financial officer of Intercontinental Exchange Inc (ICE) since May 2007. He is responsible for all aspects of ICE’s finance and accounting functions, treasury, tax, audit and controls, business development, human resources and investor relations. Hill also oversees ICE’s global clearing operations. Prior to joining ICE, Hill was assistant controller for Financial Forecasts and Measurements at IBM, where he oversaw worldwide financial performance and worked with all global business units and geographies. Hill began his career at IBM and held various accounting and financial positions in the US, Europe, and Japan, including vice-president and controller of IBM Japan, and assistant controller, financial strategy and budgets..

Leon Vijay Shivamber – Director

Leon Shivamber is a transformation leader with more than three decades of successful transformations under his belt. He learned about strategy and business integrity during his years at McKinsey & Company, change management, and rapid transformation during his New York Consulting Partners years and high-performance acquisitions during his years at Arrow Electronics. He spent five years leading the prize-winning supply chain and operations transformation at the then Harris Corporation (now L3 Harris Technologies). For three years after that role, Leon extended and applied his transformation experience as a leader and general manager building an international joint venture in the Middle East.

Thereafter, Leon spent three years as CEO leading the vibrant UAE headquartered Atlas Group with strategic businesses in communications, defense, energy, food, healthcare, hospitality, public safety, and security. He also spent two additional years advising Atlas Group and other Middle-East-based corporations on their transformation efforts. Since that time, Leon has returned to the United States and has been acting as a senior advisor to several corporate transformations. He is a fellow, Life Management Institute (FLMI), and a trustee of the board of directors of Baruch College Fund.

5. Peter Grandich, Peter Grandich & Company

Kicking off the list in the fifth spot is Peter Grandich of Peter Grandich & Company.

Speaking in early August, when gold was approaching the US$2,500 per ounce level, Grandich explained why he no longer sees US$5,000 as a ‘foolish’ price target.

4. Willem Middelkoop, Commodity Discovery Fund

Willem Middelkoop of Commodity Discovery Fund is next.

In this January interview, he shares his 2024 outlook on a wide variety of sectors, but also looks much longer term.

3. David Morgan, the Morgan Report

Morgan was positive on the metal’s prospects, but stayed conservative with his 2024 call.

2. Gareth Soloway, VerifiedInvesting.com

Gareth Soloway of VerifiedInvesting.com comes in at number two, and at the end of August he laid out a gold price target of US$2,660, saying it could get there later in 2024 or early in 2025.

Gold did ultimately reach that level in 2024, but Soloway also gave a much longer-term look forward. He shared how the metal could pass US$6,000, although he emphasized the difficulty of forecasting that far out.

1. Rick Rule, Rule Investment Media

At the beginning of the year, he mentioned several sectors he was looking at, including platinum, palladium and nickel, as well as oil and gas. However, of particular interest to him at the time was silver.

1. Chinese Copper Smelters to Trim Output in Response to Falling Margins

On July 16, Chinese smelters Daye Nonferrous Metals (HKEX:0661) and Baotou Huading Copper Industry Development made headlines following their decision to cut production outputs in 2025.

The former, a major company, reported a planned 20 percent cut, while the latter, a smaller firm, announced a 40 percent reduction.

Both smelters attributed the decrease to “diminishing profit margins caused by an ongoing shortage of ore concentrate,” as reported by Bloomberg.

Other factors affecting the decision include the decrease in smelter utilization rates caused by low treatment and refining charges towards the end of 2024 and significant production losses.

Daye Nonferrous Metals’ half-year earnings reveal revenue was up by 55 percent compared to the first half of 2023, largely attributed to a resumption of smelting at its plant.

2. BHP: Global Copper Demand to Surge 70 Percent by 2050

Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) forecast that copper demand will reach over 50 million metric tons by 2050.

In a September 30 report, BHP said, “Unlike the 20th century, where the adoption of cars, electricity, consumer electronics and white goods occurred at different times across various regions, we expect to see more-or-less concurrent adoption of the copper-intensive technologies of EVs, renewables and data centres around the world.”

The company anchored its predictions on several factors, namely traditional economic growth, the ongoing global energy transition and the expansion of digital infrastructure.

Global efforts are currently intensified to curb greenhouse gas emissions, resulting in a projected rise in copper demand.

Current copper mines are expected to supply more than half of the copper needed to meet global demand over the next decade. However, by 2035, production from these mines could decline by 15 percent due to decreasing ore grades, highlighting the urgent need for significant investment in upgrades and new projects to sustain supply.

Despite these challenges, the pace of new copper discoveries has dramatically slowed, with only four major finds in the last five years. This scarcity of greenfield projects poses a substantial challenge to meeting future demand.

In summary, major market players like BHP will need to adopt innovative strategies and make substantial investments to bridge the gap, ensuring a stable supply of copper as industries increasingly rely on the metal for clean energy solutions.

3. IEF: World Needs 35 to 194 New Copper Mines by 2050 to Support Massive Demand

The International Energy Forum (IEF) also published a significant copper report in 2024, which highlighted the need for more copper mines by 2050 and government support and incentives for these projects.

The report singled out limited exploration as one of the copper market’s biggest challenges at the moment. It also discussed the long periods between discovery and production.

“New copper mines that started operation between 2019 and 2022 took an average of 23 years from the time of a resource discovery for mines to be permitted, built, and put into operation,” it said.

The IEF detailed multiple copper demand scenarios through 2050. For business as usual there would need to be 35 new copper mines by 2050; EV plus grid would require 54 new copper mines; and net-zero by 250 would require a massive 194 new copper mines.

IEF Secretary General Joseph Mongle emphasized that without changes in current policies, 100 percent realization of EV adoption would not be possible.

“To make the best use of available copper supply, governments should prioritize economy-wide electrification, which is the foundation of climate policy. Moreover, governments need to incentivize and support new copper mine projects,” he said.

4. LME Sanctions on Russian Metal Push Copper, Nickel and Aluminum Prices Higher

On April 12, the British government and the US Department of the Treasury announced bans of Russian aluminum, nickel and copper on the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME).

The LME is the oldest and largest metals trading forum in the world, responsible for setting benchmark prices for metals such as aluminum and zinc.

The news led to increases in the prices for all three metals, with aluminum jumping 9.4 percent — its largest one day increase since 1987 — nickel soaring by 8.8 percent and copper getting a smaller 1.6 percent bump.

The restrictions cover any metal produced in Russia starting April 13. Owners of Russian metal produced before the said date were allowed to place their metal on LME warrant, provided they furnish evidence of production dates.

The ban is part of continuing sanctions imposed by the US and UK on Russia due to its invasion of Ukraine. Trading of Russian metals outside of the LME and CME’s systems is not included in the ban.

There have been no updates on the restrictions as of this writing.

5. Goldman Sachs Cuts Copper Price Forecast on Weak Chinese Demand

While the reports above discussed the increasing demand for copper, China’s demand for the red metal was reportedly weakening due to a slow economic recovery.

Supporting this claim was American investment bank Goldman Sachs (NYSE:GS), which in September significantly lowered its 2025 copper price forecast due to that factor. The firm reduced its prediction to US$10,100, a large dip from the previous US$15,000 forecast.

According to Bloomberg, the US$15,000 prediction came from former analysts Jeffrey Currie and Nicholas Snowdon, while the new outlook was outlined in a note by analysts including Samantha Dart and Daan Struyven.

‘Softer-than-expected China commodity demand, as well as downside risks to China’s forward economic outlook, lead us to a more selective, less constructive tactical view of commodities,’ the analysts said.

Copper reportedly had an average monthly price of over US$9,000 per metric ton in November, down from its over US$11,000 per metric ton price record in May.