The head of Teck Resources Ltd. is bullish on the future price of copper as he anticipates demand will soon exceed supply.
Addressing the recent BMO Capital Markets & Mining Conference, Teck’s Senior Vice President Finance and Chief Financial Officer Ron Millos told investors the company is anticipating a copper shortage on the world markets
“Longer term thats the commodity we believe has the strongest fundamentals. We feel the market is reasonably well supplied in the near term. We expect that market to peak around 2020.
Over the longer term?
“There is that big gap out in 2027 four or five million tons.
The 2017 Teck annual report says a $72 million project to increase overall mill throughput by 5% and copper recovery by over 2%, at the Highland Valley Copper Mine near Kamloops, will be completed by mid-2019.