What signals did Goldman Sachs’ closed-door meeting with ten major copper mining companies reveal?

Moreover, the resolution concerning Cobre Panama will enable the market to look ahead and gradually incorporate growth options—such as the pending Taca Taca project in northwestern Argentina—into pricing. We also believe that FQM’s stock price (including Cobre Panama) implies a copper price of $11,300 per tonne—17% below the spot price (more details here). Freeport-McMoRan (Freeport-McMoRan) Speaker: Kathleen Quirk, CEO Freeport-McMoRan (target price: $75 per share; U.S. market capitalization: $88 billion; Buy rating) is a pure-play copper producer operating across three key regions—North America, South America, and Indonesia—making it the world’s largest copper producer. According to FCX data, its 2024 copper output totaled approximately 4.2 billion pounds. However, in 2025, a landslide occurred at the Grasberg mine in Indonesia. Although recent output has declined significantly, the mine’s long-term outlook remains intact; FCX maintains its 2030 guidance unchanged, expecting Kucing Liar to begin ramp-up in the early 2030s. Grasberg expansion is a near-term top priority… Freeport is on track to reach 65% capacity in the second half of 2026—following substantial preparatory work completed in March for first production—which has significantly reduced project risk. The company aims to achieve 80% capacity by mid-2027 and approach full capacity by end-2028. Management noted that regulators are being installed in the ore-flow handling system of the chutes to enable more efficient mining. FCX stated that ordered equipment remains on schedule for installation in the second half of 2026 and early 2027. Once FCX reaches its 65% capacity target in the second half of 2026, we expect its Indonesian operations (Grasberg) to generate meaningful free cash flow, while the extended resource life provides strategic optionality and investment incentives. FCX has operated Grasberg for nearly 60 years, building extensive infrastructure—including housing for 30,000 workers—and owning two smelters, achieving full vertical integration. Its original 30-year agreement with the Indonesian government, plus two 10-year extensions, extends mine operations through 2041; FCX has now signed a Memorandum of Understanding (MOU) extending operations to cover the entire resource life. This is a critical milestone, enabling FCX to pursue strategic initiatives and invest in existing infrastructure and long-term assets. Leaching offers significant upside in production with low capital intensity. Historically, copper mining has been characterized by high asset capital intensity. The leaching opportunities FCX is rolling out will generate output equivalent to that of a large copper mine—with relatively modest investment. This is possible because the copper-bearing material has already been mined and sits in inventory. FCX estimates roughly 40 billion pounds of copper remain to be extracted from previously mined inventory. In the U.S., the capital cost for this opportunity is approximately $1 billion, with operating costs around $1 per pound, targeting incremental annual copper output of 800 million pounds.

Analysis of 20 promising U.S. stocks in AI-wave raw materials & precious metals

This article totals: 5,000 characters Estimated reading time: 10 minutes ▼ [Read and Get Rich] The explosive surge expected in 2026 was already foreshadowed back in 2020; the signal for doubling stocks by 2030 was already evident in 2025! ▌ Key Data Snapshot ▌ Macroeconomic Context: Why the AI Wave Is Driving a Raw Materials Bull Market In this wave of artificial intelligence, market attention has long centered on chips, software, and cloud computing. Yet from 2025–2026, gains in the metals and mining sector (over +80%) have quietly outpaced those of major AI technology stocks (around +60%). The underlying logic is crystal clear: every AI data center is a super-consumer of copper, aluminum, silver, and rare earth elements. Three structural forces currently driving a super-cycle in raw materials: • Demand side: AI data center boom—global data center capacity is projected to reach 102 GW by 2026, with each GW consuming approximately 40,000 tonnes of copper; liquid cooling systems further drive intense aluminum demand. • Supply side: Chronic underinvestment in supply—mining capital expenditures have contracted consistently over the past decade; new mines take an average of 16 years from discovery to production, making short-term output increases impossible. • Geopolitics: U.S.-China competition over critical minerals—the U.S. ‘Project Vault’ strategic reserve initiative, with a $12 billion budget, designates rare earths, copper, silver, uranium, and others as strategic assets, effectively turning the government into the largest buyer. ▌ Overview of the 20 Stocks ▌ In-Depth Stock-by-Stock Analysis Copper Sector 1. FCX (Freeport-McMoRan) 2. SCCO (Southern Copper) Gold Sector 3. NEM (Newmont Corporation)

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