To reach net zero by 2050 would require at least 194 mines or 6 new mines every year, a recent study by the IEF shows.

Humanity would have to mine more copper in the next 20 years than in human history to meet surging global demand on the back of the energy transition.

Silver is up 33% year to date (July 8), gold is up 15.8%, and copper has gained 19.1%.

The move could solve fundraising needs for a neighboring project it wants to build. 

As grades get lower, companies will have to increase their capital intensity to pull that production forward, said the VP of Stifel Financial.

Industry sources say the reason behind record high contangos is climbing costs of financing metals fuelled by higher interest rates.