12 March 2023 · 1h 12m
Copper, patience and the long cycle
A calm conversation on the structural copper deficit and why small-cap explorers may be the leveraged play of the decade.
Helena MarshTom Bryant#mining#copper#macro
Transcript
Host
Welcome to The Sunday Roast. This morning we are taking the slow road through copper — supply, patience, and the companies that might still be standing in ten years.
Helena Marsh
The deficit is not a headline, it is an arithmetic problem. Grades are falling, permitting is slower everywhere, and nobody has been rewarded for building a mine in a decade.
Tom Bryant
Which is why we keep coming back to Kestrel Copper. It is small, it is unloved, and the drill results in the northern zone were genuinely interesting.
Host
And you are comfortable with the balance sheet there?