Q: The Jan 20 report seemed fairly positive- lower end of guidance for 2024 but meaningful growth expected for 2025. But I seemed to miss something since it is breaking down to new lows. Can you explain what is spooking investors and your opinion going forward?
5i Research Answer:
The positives from the report include strong growth potential for 2025, showing significant volume increases with lower costs, alongside some operational improvement. However, there are some concerns with execution risk and potential delays in ramp-up and project approvals, as well as the potential copper price fluctuations. Largely, copper miners have been consolidating over the past several months alongside the spot price of copper. We believe that if copper prices break out of this range eventually that we can see the price of CS resuming its uptrend.