Copper is now in the early stages of a long-term, multi-year bull market. With soaring demand for the copper needed in electric vehicles, the power grid, data centers and infrastructure, there is still significant upside potential for those companies bringing copper supplies online, including Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), Glencore (OTC: GLNCY), Freeport-McMoRan (NYSE: FCX), Rio Tinto (NYSE: RIO) and BHP Group (NYSE: BHP).
In addition, copper is just starting to see bigger demand from China. According to Mining Weekly, China’s combined consumption of copper from electric vehicles plus the solar and wind industries will rise to 3.1-million tons by 2030. That will be 26% of the nation’s total demand, up from 15% in 2023.”
Plus, Australian miner BHP says it expects the world to consumer another million metric tons of copper per year on average through 2035 thanks too copper-intensive technologies, as noted by Reuters. “BHP said in a report released on Monday that global copper demand has grown at a 3.1% compound annual growth rate over the last 75 years. But this growth rate has been slowing to only 1.9% over the 15 years to 2021,” added BHP.
Look at Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), For Example
Troilus Gold Corp. just announced the appointment of Mr. Andy Fortin as Vice President of Operations and General Manager of the Troilus Mine to oversee the transition of the Troilus Project into the development phase and eventual operations. The company additionally provided an operational updated on advancements in the pit dewatering program and the status of the Environmental and Social Impact Assessment.
Appointment of Andy Fortin as Vice President, Operations and General Manager of Troilus Mine
Troilus is pleased to welcome Andy Fortin as Vice President of Operations and General Manager of the Troilus Mine, effective immediately. Mr. Fortin brings over 28 years of experience in mineral processing and project management, including a notable tenure at the Troilus Mine during its 14-year operation by Inmet Mining.
During his 12-year tenure at the Troilus Mine from 1996-2008, Mr. Fortin held key positions during the project’s construction and operational phases, including Chief Metallurgist and Process & Maintenance Plant Manager. He led initiatives such as the mill expansion from 10,000 to 20,000 tpd and the implementation of an advanced control system to optimize throughput. His familiarity with the Troilus site, combined with expertise in feasibility studies, construction, operational optimization, and metallurgical processes, will be instrumental as the project advances toward development.
Beyond his experience at Troilus, Mr. Fortin served as the Process & Surface Operation Manager at Goldcorp’s E´le´onore Mine and as Process Plant Manager at Agnico Eagle’s Meadowbank Mine, where he was recognized with awards for operational excellence and sustainability initiatives. Mr. Fortin’s strong operational background includes implementing best practices in health, safety, and environmental stewardship, all of which will be invaluable as Troilus advances toward development and construction.
Justin Reid, CEO of Troilus, commented, “We are very pleased to welcome Andy to the Troilus team as we approach a pivotal stage of development. His extensive experience in mineral processing and project management, along with his strong familiarity with the Troilus site, make him an ideal addition as we prepare for production. Andy has consistently demonstrated a commitment to operational excellence and sustainability, building high-performing teams and optimizing mining operations across diverse projects. We’re confident his leadership will be instrumental in executing our strategy to advance Troilus as a cornerstone copper-gold project in North America.”
Operational Update
Troilus has made substantial progress in its dewatering operations. As announced on August 18, 2024, three 140Hp pumps are currently dewatering the J4 pit, while dewatering of the larger Z87 pit is set to commence in 2025. Over 2 million cubic metres of water have been pumped out of the formerly mined J4 pit to date (see Figure 1). The Company has been collaborating with local land users to closely monitor the redirected water and ensure safe environmental integration.
In November 2024, the Company reached major milestones in its Project financing strategy with the receipt of Letters of Intent from multiple leading global Export Credit Agencies, representing in-principle support totaling US$1.3 billion, including US$500 million from Euler Hermes, US$300 million from Export Development Canada, US$300 million LOI from Finnvera, and US$200 million from EKN. These LOIs demonstrate the strong economic and strategic fundamentals of the Troilus Project and provide a robust foundation for a multi-faceted financing structure.
The Environmental and Social Impact Assessment (ESIA) for the Troilus Project is progressing well. Troilus recently completed the final community consultations with the impacted Jamesian and Cree communities. The Company is now finalizing the remaining sections of the report and aims to submit the ESIA for Troilus to the Quebec ministry of environment (Ministe`re de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs - MELCCFP) in early Q1 2025.
Other related developments from around the markets include:
Glencore’s Chief Executive Officer, Gary Nagle noted, “Our full-year 2024 production guidance has again been maintained and reflects the additional steelmaking coal volumes that have contributed to our portfolio since closing of the EVR transaction on 11 July 2024. During the current quarter, key anticipated quarterly sequential production improvements have been achieved, notably at African Copper +6kt (+13% Q3/Q2), Antapaccay +9kt (+35% Q3/Q2), Kazzinc +13kt (+27% Q3/Q2), Murrin Murrin +1kt (+7% Q3/Q2) and Australian energy coal +3.6mt (+27% Q3/Q2). Basis Marketing’s performance year to date, we continue to expect full year Marketing Adjusted EBIT in the $3.0-$3.5 billion range, being around the top end of our long-term $2.2-3.2 billion p.a. guidance range.”
Freeport-McMoRan reported third-quarter 2024 net income attributable to common stock of $526 million, $0.36 per share, and adjusted net income attributable to common stock of $556 million, $0.38 per share, after excluding net charges totaling $30 million, $0.02 per share, primarily associated with impairments for legacy oil and gas matters and nonrecurring labor-contract charges at Cerro Verde, partly offset by a reduction in accruals for uncertain U.S. tax positions. Richard Adkerson, Chairman of the Board, and Kathleen Quirk, President and CEO, said, “During the third quarter, our global team generated strong margins and cash flows, achieved our production targets, continued to prioritize productivity and cost control, and advanced initiatives for future growth. We remain focused on strong execution of our plans globally as we work to address damage from a recent fire affecting a portion of our new Indonesia smelter facilities. We are confident in our team’s ability to restore smelter operations and achieve a safe and efficient ramp-up as soon as possible. The outlook for our business is positive, supported by our position as a leading copper producer with a strong financial profile, favorable market fundamentals and value enhancing options for future growth.”
Rio Tinto Chief Executive Jakob Stausholm recently said: “Our operational performance continues to progress. While there are still significant improvements ahead, we are beginning to see a step-change in production, including from our Queensland bauxite business following the roll-out of the Safe Production System. We are growing with discipline in the materials the world needs for the energy transition. Construction of the Simandou high grade iron ore project in Guinea is advancing at pace, the ramp up of the Oyu Tolgoi underground is on track and we are set to achieve first production from the Rincon starter plant by the end of the year We continue to prioritise the decarbonisation of our business, announcing the installation of carbon free aluminium smelting cells using ELYSIS technology at our Arvida smelter in Quebec and an investment in a R&D facility to test our low-carbon ironmaking process, BioIron, in Western Australia. We also signed 20-year electricity arrangements backed by renewable electricity to secure the future of the Tiwai Point aluminium smelter in New Zealand. As we progress against our four objectives and strategy, we have a clear long-term pathway to profitable growth and continued attractive shareholder returns.”
BHP Group says it’s “strengthening our important strategic partnership with global technology company ABB, through the signing of a multi-year Global Framework Agreement. ABB is a leader in industrial automation, electrification and digitalisation, and delivers critical technologies and equipment for BHP’s global operations including Escondida in Chile, our Jansen project in Canada, and various packages across our Australian assets. This new agreement will enable further opportunities for BHP and ABB to collaborate in support of project delivery, operations and maintenance, as well as progressing operational decarbonisation efforts across BHP’s global operations.”
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Troilus Gold Corp by Troilus Gold Corp. We own ZERO shares of Troilus Gold Corp. Please click here for disclaimer.
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