Critical Minerals (Part 1 – 24/Sep)

BY Tshepo Magagane

Critical Minerals – When selecting metals to focus on, as I have said “not all critical minerals present the same opportunities”!

Copper super obvious BUT I have said “can a portfolio afford to lack Gold in an era of unstable geopolitics, CB continuing to debase FIAT, Major GoldCos producing at 1.5-1.9/oz while juniors are producing at just over 3digits”!

If you can construct a portfolio of Copper assets to exploit the Decarbonisation, Deglobalisation, Data theme…

…and then putting a Gold hedge around it…

…is there a better opportunity for Capital?

PS: there are opps in other metals but they are more Special Sits eg I can see a roll-up opp in manganese; Nickel sulfides make money even in the current trough – Indonesia eventually will have to input ESG costs into their OPEX and the associated incremental Capex; therefore that is just a free-option; Lithium – more so if DLE does not work as expected, those who can build during this dislocation are going to mint it!