What About Our Copper Exposure?

2025-01-31 07:30:00 ET

Summary

• Approximately 10% of the portfolio is allocated to copper miners, with a focus on developers building tier-one copper assets.
• Copper prices surged early in 2024 due to speculative rallies and Chinese buying but faced a decline due to weak demand in China.
• Supply struggles in copper mining are exacerbated by regulatory issues, financial constraints, and political disruptions, with a notable decline in US production.
• Enhanced copper recycling is gaining traction, but new mines remain essential to meet long-term supply needs amid increasing market uncertainties.

The following segment was excerpted from the Massif Capital Q4 2024 Letter To Investors. ...

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