The industry is flush with cash after last year’s record profits, while boards and managers believe they have the support of key investors after promising to avoid the reckless overspending of the last cycle.

Jeff Currie sees parallels with the record run-up in commodities prices from 2007 to 2008.

Hole K-22-255 returned 399.8 metres of 0.62% copper, 0.74 g/t gold and 2 g/t silver from 152.2 metres downhole.

Gold prices are expected to rise towards record highs above $2,000 an ounce this year, according to industry analysts.

The market narrative for China's appetite for commodities has moved on from what was a soft 2022 to expectations of a strong 2023.

Iron ore futures jumped almost 60% from the end of October through last Friday.

The metal will probably average $3,125 a ton this year in London, analysts said.

Gold production totalled 474,035 oz. during 2022., exceeding its guidance range of 430,000 to 470,000 oz.