Copper is becoming a precious metal

Bloomberg: While top miners such as Anglo American and Glencore are selling anything from iron ore and coal to agricultural assets to pay down debt, they’re loath to part with the best copper resources. That’s because it’s one of the few metals expected to be in shortage by the end of this decade as cooling investment means not enough mines are built. "Copper is the most desirable commodity," said Michael Scherb, founder of Appian Capital Advisory. "We are looking very hard at global copper projects." One obstacle is that even indebted miners want to hold onto what has become the crown jewel of industrial metals. Anglo American insists it will hold on to the giant Los Bronces and Collahuasi copper mines. “We have no intention of selling down,” Anglo's Hennie Faul said. “These are tier 1 world class assets. Both of those are key for us in our copper strategy. Both those mines have got further potential in years to come when prices are right and the market is right to expand.” Read more here: (VIEW LINK)

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