The price of copper is up 65% since announcement of the Nationwide Lockdown on 23rd March 2020 in reaction to the Coronavirus pandemic. Although COVID-19 was the root cause of the demise of the copper prices initially, the price of copper continues to rise, increasing a further 1.35% today so far.
Copper is a metal in great demand. It has been used for millennia with some decorative articles dating back to 8,700BC. Copper production boomed during the Industrial Age as new technology and adaptive methods of mining made it easier to process copper than ever before. The versatility of copper and its uses in jewellery and currency encourages some to consider it a precious metal, however due to copper being plentiful and easily oxidised in moist air, it is not defined as a precious metal.
One of the key features of copper is its ability to conduct high voltages of electricity without burning up. This is due to its high electrical conductivity, making it an ideal material to manufacture wiring and printed circuit boards for a variety of purposes. This is important to consider as we are in the midst of an evolutionary time as the world is focusing on becoming greener and protective of the environment.
The use of copper has increased increased dramatically as the world relies on supplying its nations with renewable energy sources because copper is used five times more in these systems compared to traditional power generation.
What companies can we see benefitting from the copper price boom?
With price continuing to increase and the demand for copper also on the rise, mining companies such a Rambler Metals & Mining Plc and Thor Mining Plc should be able to make a significant profits and benefit from the current circumstances.
Rambler are now focused on draining the lower sections of their mine that were not feasible to maintain during the period of the reduced mining operations put in place that allowed the continuation of mining. The pumping of the mine is expected to be completed by the end of this month.
In addition to this, Rambler Metals & Mining are also concluding the purchase of Duck Pond plant and relocating the plant to the Ming Mine Site by July this year.
Check out our video where we explore Thor's prospects and explain more about the in situ recovery mining method.
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