Copper Prices in the Spotlight After Rebound from Two Month Low

NEW YORK, June 23, 2021 /PRNewswire/ -- The price of Copper rebounded on Monday and Tuesday after previously hitting a two month low last week. Copper for delivery in July rose about 1.9% from Friday's settlement price, touching USD 4.22 per pound (USD 9,196 per tonne) midday Tuesday. The fall of Copper prices last week was triggered by pressure from China's plan to sell reserves, and a strong dollar maintained by the possible U.S. interest rate hikes. Yet, according to a report by Mining.com, a Citigroup Inc. analyst claimed that "we do not think the rally is over." According to the bank, Beijing's measures "target managing expectations and deterring speculators rather than solving supply/demand imbalances." Bell Copper Corporation (TSX-V: BCU), Hudbay Minerals Inc. (NYSE: HBM), Turquoise Hill Resources Ltd. (NYSE: TRQ), Alexco Resource Corp. (NYSE: AXU), Coeur Mining, Inc. (NYSE: CDE)

As for the global mining market, analysts expect a stronger growth rate this year with more moderate and familiar rates in the years to come. The global mining market is expected to grow from USD 1641.67 Billion in 2020 to USD 1845.55 Billion in 2021 at a compound annual growth rate (CAGR) of 12.4%, according to data by Research and Markets. This growth is mainly due to companies rearranging their operations and recovering from the pandemic's impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is also expected to reach USD 2427.85 Billion in 2025 at a CAGR of 7%. The mining market is segmented into mining services; general minerals; stones; copper, nickel, lead and zinc; metal ore and coal, lignite, and anthracite.

Bell Copper Corporation (TSX-V: BCU) announced earlier in March that the, "Company mobilized personnel and equipment and drilling has now recommenced on the 100% owned Big Sandy porphyry copper project, a large, truncated porphyry copper-molybdenum prospect located in northwestern Arizona, approximately 30 kilometers from the Company's Perseverance Project.

The first core drillhole at Big Sandy (BS-1) drilled deep into a new porphyry copper system (see January 12, 2021 news). The Company believes this newly discovered porphyry system is the target they have been pursuing, the truncated top of the Diamond Joe Peak, located approximately 13 km to the west-southwest of the Big Sandy claim block. Zircon crystals from BS-1 core and the Diamond Joe porphyry yielded overlapping (i.e. statistically indistinguishable) ages of 74.2±1.0 and 74.9±1.2 million years, supporting the Company's concept that the two porphyries are faulted parts of the same Laramide-age system.

After the completion of drill hole BS-1, the Company conducted 2 borehole studies in BS-1 along with an extensive field work program. The location of drillhole BS-2 was determined based on the totality of the information derived from these studies.

Tim Marsh, Bell's President and CEO, and a Qualified Person as defined by NI43-101, said, 'After the success of drillhole BS-1, Bell is excited to be back on the ground, drilling the next hole into Arizona's newest copper porphyry. We look forward to delivering new value to our shareholders through the drill bit.'

Bell Copper began exploring the Big Sandy area in 2009, after geologic success in discovering what was believed to be the faulted top of the Wheeler Wash porphyry copper-molybdenum system, 30 kilometers to the north at the Company's Perseverance project. Extrapolation southward along the controlling Hualapai Fault suggested that the known Laramide-age Diamond Joe porphyry copper system would also have a faulted-off top, lying east of Diamond Joe out in the Big Sandy Valley."

Hudbay Minerals Inc. (NYSE: HBM) is a diversified mining company, together with its subsidiaries, focuses on the discovery, production, and marketing of base and precious metals in North and South America. It produces copper concentrates containing copper, gold, and silver; molybdenum concentrates; and zinc metals. Back in April, the Company reported that the final land user agreement for Pampacancha has been completed and Hudbay now has full access to the site to begin pit development activities. In January 2021, the company commenced pre-development activities, including haul road construction and site preparation work, which will allow Hudbay to commence pre-stripping activities shortly. Pampacancha is a high-grade copper and gold satellite deposit located approximately seven kilometres from Hudbay's Constancia mine and processing facilities in Peru. Pampacancha is expected to contribute to an increase in copper and gold production at Constancia from 2022 to 2025 as the higher grades enter into the mine plan.

Turquoise Hill Resources Ltd. (NYSE: TRQ) and Rio Tinto reported earlier in April that they have entered into a binding Heads of Agreement (HoA) to provide an updated funding plan (the "Funding Plan") for the completion of the Oyu Tolgoi LLC (OT) underground project in Mongolia. The Funding Plan is designed to address the estimated remaining funding requirement of approximately US$2.3 billion[1] and replaces the non-binding Memorandum of Understanding that Rio Tinto and Turquoise Hill previously entered into on September 9, 2020. "We are pleased to have reached a constructive and equitable agreement with Rio Tinto to fund the Oyu Tolgoi underground development," stated Steve Thibeault, Interim Chief Executive Officer of Turquoise Hill. "With a binding funding agreement now in place that sets out a process along a known timeline, we will be able to move ahead as expeditiously as possible with the development of the underground project at Oyu Tolgoi. We remain committed to continue delivering a benefit to all stakeholders, including Mongolia and its citizens, and to delivering significant long-term value for Turquoise Hill as this project progresses."

Alexco Resource Corp. (NYSE: AXU) engages in the mineral exploration, and mine development and operational activities primarily in Yukon Territory, Canada. The company explores for silver, lead, zinc, and gold deposits. Back in May the company reported the filing of an updated technical report (the "Technical Report") for its Keno Hill operations in Yukon, Canada ("Keno Hill"), expanding the Mineral Reserve by 22% to 1.44 million tonnes, grading an average 804 grams per tonne ("g/t") silver ("Ag"), 3.84% zinc ("Zn"), 2.64% lead ("Pb"), and 0.31 g/t gold ("Au"), or approximately 1,035 g/t silver equivalent ("AgEq"). The updated reserve mine plan is projected to produce over 35.5 million ounces of Ag over the next 8 years. Clynt Nauman, Alexco's Chairman and CEO said, "Today's updated Technical Report further demonstrates that Keno Hill is a district capable of generating significant financial returns from very high-grade Reserves over a growing mine life in a tier-one jurisdiction. Our 2021 exploration drilling program continues to advance and will form the basis for an updated mineral resource by the end of the year. We anticipate that this work will confirm our long-held thesis that production from Keno Hill should continue for many years to come, and that its best days are ahead."

Coeur Mining, Inc. (NYSE: CDE) explores for, develops, produces, and sells precious metals in the United States, Canada, and Mexico. The company primarily explores for gold, silver, zinc, and lead properties. Recently the company provided an update on 2021 exploration programs at its Silvertip mine in British Columbia and Crown exploration property in Nevada. The Company highlighted new drilling results at the recently discovered Southern Silver Zone at Silvertip and at the four mineralized zones within the Crown Block – Daisy, Secret Pass, SNA and C-Horst. Through the first four months of 2021, Coeur drilled approximately 340,300 feet (103,750 meters) at six different locations – a 66% increase compared to the same period in 2020. Coeur anticipates investing $68 million1 in exploration this year, which would make this the largest exploration campaign in Coeur's history and over 30% higher than last year's exploration investment. "We are carrying out our most active exploration campaign in Coeur's history with up to 22 drill rigs deployed across six sites, with positive results rolling in on a regular basis," said Hans J. Rasmussen, Coeur's Senior Vice President of Exploration. "This update emphasizes the opportunity for growth at Silvertip and Crown, two of our most recent asset additions in top jurisdictions in-line with our strategy, both of which continue to demonstrate significant upside potential. Drilling at Silvertip continues to show promising results as demonstrated by the most recent assays from Hole 65Z21-485-360-026 at the Southern Silver Zone, which cut roughly 51 feet of massive sulfide mineralization hosted in vertically oriented breccia material. Successful results like these continue to reinforce Silvertip's status as one of the world's highest-grade silver-zinc-lead deposits and provide valuable data points as we work towards our goal of ending the year with a compelling business case to justify moving forward with an expansion and restart."

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