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Editorial Coverage: The surge in the price of gold has been
well documented this year. The precious metal closed above $2,000
an ounce earlier this year, leading experts to forecast future prices
from $2,300 (Goldman Sachs) to as high as $3,000 (Bank of
America) in the coming months. In addition, copper prices have also
risen to their highest levels in more than two years, climbing to
more than $6,800
a ton. These numbers bode well for companies in the precious
metals space, especially companies such as Josemaria
Resources Inc. (TSX: JOSE) (OTCQB: JOSMF) (JOSE
Profile), which has interests in both copper and gold. Earlier
this month, JOSE released a
feasibility study regarding its 100% owned Josemaria
Copper-Gold Project in San Juan Province, Argentina. Other
companies that are making moves in the base and precious metals
sectors include Rio
Tinto Plc (NYSE: RIO), which just announced that
its Kennecott site in Utah is the first
producer to be awarded the Copper Mark, the copper industry’s new
independently assessed responsible production program. Freeport-McMoRan Inc. (NYSE: FCX) has
commenced the Copper Mark process for six of its operating sites
and has future plans to validate all of its operating sites against
the program’s requirements. Southern
Copper Corporation (NYSE: SCCO) recently released its
Q3 2020 financial report, noting that its net sales totaled $2,129
million, up 14.5% compared to Q3 2019. Franco-Nevada Corporation (NYSE: FNV)
also reported record revenue, EBITDA and net earnings in the third
quarter with all material mining assets having returned to normal
operations through the quarter.
- Gold closed above $2,000 an ounce earlier this year; copper
prices have also risen to highest levels in more than two
years.
- Feasibility study demonstrates robust, rapid pay-back, low-risk
project yielding average annual production of 136,000 tonnes of
copper, 231,000 ounces of gold and 1,164,000 ounces of silver.
- Founded more than 40 years ago, the Lundin Group of Companies
currently comprises 13 publicly traded companies focused on
resource sector.
Click here to view
the custom infographic of the Josemaria Resources Inc.
(TSX: JOSE) (OTCQB: JOSMF) editorial.
Rally Far from Over
Factors contributing to the rising gold and copper prices vary.
“For centuries, investors have turned to gold as a safe haven store
of value during times of downturn, volatility or crisis. The
situation today is no different,” reported a recent “Forbes”
article, titled “What's Driving Gold Prices So High, and What Might
the Future Hold?” The article noted that some analysts predict that
gold’s rally is far from over.
A recent “Bloomberg” article noted that the global copper market
looks to be on the edge of an historic supply squeeze as demand
escalates and inventories plunge to their lowest levels in more
than a decade. “A growing chorus of traders and analysts
say those dwindling spot reserves could trigger a further
surge in prices, building on a rally that lifted copper . . . to
two-year highs above $6,800 a ton,” the article said.
With that in mind, savvy companies are seeking opportunities to
expand in both the gold and copper spaces. For example, Barrick
Gold, one of the world's largest gold mining companies, is looking to
increase its exposure to copper through exploration or
acquisition.
A Rare Find
Based in Vancouver, British Columbia, Josemaria Resources Inc. (TSX: JOSE) (OTCQB:
JOSMF) is a natural resources company
that is offering an advanced-stage copper-gold deposit, a rare find
in a junior mining company. Josemaria is eyeing key growth in a
global smart mining market that was estimated to reach $6.8 billion
last year and forecast to reach $20.31 billion by 2025. A large
portion of that increase is expected to be driven by technological
advancements within the sector.
Specifically, Josemaria is focusing on the development of its
wholly owned flagship Josemaria Copper-Gold Project located in the
San Juan Province of Argentina. San Juan is a well-known mining hub
supporting a wide variety of mining companies, where the Lundin
Group has been active for almost three decades. Committed to
advancing the project, Josemaria Resources has just completed a
feasibility study, with basic engineering and submittal of the
Environmental Social Impact Assessment expected in early 2021.
Through its endeavors in Argentina, Josemaria anticipates
making a
significant positive impact in the country in a variety of
ways, including creating jobs and adding stable income potential
for the workforce. In addition, the company intends to purchase as
many goods and services as possible from local suppliers. According
to a company study, JOSE projects will bring an estimated 37%
increase in total mining related employment to San Juan
specifically, and approximately 4% in total mining-related
employment to Argentina. Josemaria plans to grow the mining
industry in Argentina by around 28%, moving the sector from being
the sixth largest exporter currently to the 4th largest when in
full production.
Unlocking Opportunities
As part of this plan and its development of the Josemaria
Copper-Gold Project, JOSE recently released the results of the
independent feasibility study for the property. Prepared by a team
of engineering and consulting service providers, the study
demonstrates a robust, rapid pay-back, low-risk project, with an
open-pit operation feeding a conventional process plant at an
average of 152,000 tonnes per day. The study also projected a mine
life stretching more than 19 years and yielding average annual
metal production of 136,000 tonnes of copper, 231,000 ounces of
gold and 1,164,000 ounces of silver.
“We are extremely pleased with the results of the
Feasibility Study at Josemaria, which
indicates that this is one of the very few readily developable
copper-gold projects in the world today,” said Josemaria president
and CEO Adam Lundin. “This study has materially de-risked the
project and forecasts an attractive economic outcome which is
comparable with other large-scale copper/gold projects already
being developed or in production today. We believe that Josemaria
is perfectly positioned to commence production by mid-decade,
meeting rising copper demand from a rapidly electrifying global
economy. I believe the study results will allow us to unlock
various financing opportunities as we move toward
construction.”
Creating Substantial Value for Shareholders
Adam Lundin is the latest in an impressive line of Lundin family
members who have been involved in the mining industry for many
decades. The Lundin Group of Companies was founded more than 40
years ago by the late Adolf H. Lundin and currently comprises 13
publicly traded companies focused on the resource sector. Through
investments in other public companies, the Lundins have been active
in Argentina for more than 30 years and have established a strong
track record of success, including the Alumbrera and Veladero
projects.
An example of how the company operates and what it can
accomplish can be found in the Fruta del Norte gold deposit, which
was discovered in 2006. Lundin Gold
purchased the asset in late 2014 for $240 million. Since
acquiring the asset, Lundin Gold completed a feasibility study,
signed all major agreements with the Ecuadorian government
providing for the fiscal and regulatory regime and economic
stability, and subsequently financed and constructed the mine and
infrastructure on time and on schedule — all in five short years.
First gold production was reached in November 2019, and commercial
production was achieved in February 2020.
Fruta del Norte is only one example of the expertise, skill and
effectiveness of the Lundin Group of Companies, including Josemaria
Resources. JOSE is committed to conducting business in a highly
ethical manner, demonstrating leadership in environmental
management, ensuring the safety of both its workforce and nearby
communities, and optimizing economic benefits for its investors and
host jurisdiction, as well as engaging openly and collaboratively
with stakeholders. The Lundin Group of Companies has a record of
creating substantial value for shareholders, with past projects
generating some $15.8 billion.
Distinctive Strengths, Differences
With gold and copper prices surging, companies are eager to
establish their distinctive strengths and differences in the
market.
By obtaining the
Copper Mark distinction at its Kennecott property, Rio
Tinto Plc’s (NYSE: RIO) has demonstrated that it
meets more than 30 criteria for responsible environmental, social
and governance practices. “We are proud to lead the copper industry
in being awarded the Copper Mark, demonstrating our commitment to
responsible production and transparency,” said Rio Tinto Copper
& Diamonds chief executive Arnaud Soirat. “The Copper Mark
allows our customers to purchase copper from operations that have
been independently assessed as meeting the highest environmental,
social and governance standards, responding to the growing
expectations of consumers around the world for sustainable supply
chains.”
Freeport-McMoRan Inc. (NYSE: FCX) is
also embracing the Copper Mark distinction, commencing the
process for six of its operating sites, with plans to validate
all of its operating sites against the program’s requirements.
“Copper plays an essential role in the technologies necessary to
develop and deliver clean energy and to support the global
transition to a low-carbon economy,” said FCX president and CEO
Richard C. Adkerson. “As the energy transition continues, copper
use is expected to increase from the use of electric vehicles and
their charging stations and renewable energy technologies, such as
solar and wind, and their necessary connections to grids. This
increased copper demand should not come at a cost to
sustainability.”
Southern
Copper Corporation (NYSE: SCCO) recently released its Q3
2020 financial report, which highlighted impressive numbers for
the company. Highlights included net sales growth of 14.5% over the
same quarter last year, growth that was attributable to both an
increase in sales and in copper and silver market prices. In
addition, the reported noted that sales volumes were up for copper
and improvements were reported for both silver and copper prices
and copper prices. The company also reported net income of $506
million, which is a 29.9% jump over Q3 2019’s net income
figure.
Franco-Nevada Corporation (NYSE: FNV)
also posted impressive numbers for its third-quarter
financial report. The company continued to lead its royalty and
streaming peers with the highest EBITDA margins and, in particular,
with a record earnings margin of 55% in the quarter. During the
third quarter, 25 new royalties were added to the company
portfolio, bringing the number of mining related assets to 316.
Franco-Nevada Corporation is the leading gold-focused royalty and
streaming company with the largest and most diversified portfolio
of cash-flow producing assets.
With an unstable global economy combined with uncertain supplies
and rising demands, companies in the gold and copper space —
especially those working to strengthen their position in the
industry — may well see substantial rewards as prices swell and the
industry heats up.
For more information about Josemaria Resources, please visit
Josemaria
Resources Inc. (TSX: JOSE) (OTC: JOSMF).
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