Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
Canada’s Yamana Gold (TSX:YRI) (NYSE:AUY) published on Friday the results of a pre-feasibility study for its Agua Rica copper-gold project in Argentina, which shows higher reserves and an initial mine life of 28 years.
Agua Rica’s proven and probable copper mineral reserves increased by 21% since the end of 2018 to 11.8 billion pounds, while gold mineral reserves gained 12% to 7.4 million ounces.
The Toronto-based miner said the initial capital cost, estimated at $2.4 billion, realizes significant synergies from using the infrastructure and facilities of Alumbrera, a joint venture with Glencore and Newmont Goldcorp.
The project, located in the northwestern Argentinean province of Catamarca, is forecast to generate 533 million pounds of copper-equivalent in its first 10 years of operation. A feasibility study is expected to be completed by 2020.
