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Copper demand is expected to stay red-hot, according to Jorge Cantallopts, an executive director at the Center for Copper and Mining Studies. “Copper plays a crucial role in both energy transition and traditional energy sectors, Cantallopts told Yicai in a recent interview. The slower pace of energy transition will not undermine the growing demand for copper because the metal’s primary use remains in traditional energy infrastructure, he added,” as reported by YicaiGlobal.com. All of which is a solid catalyst for companies such as Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), Glencore (OTC: GLNCY), Freeport-McMoRan (NYSE: FCX), Rio Tinto (NYSE: RIO) and BHP Group (NYSE: BHP).
In addition, Australian miner BHP says it expects the world to consumer another million metric tons of copper per year on average through 2035 thanks too copper-intensive technologies, as noted by Reuters. “BHP said in a report released on Monday that global copper demand has grown at a 3.1% compound annual growth rate over the last 75 years. But this growth rate has been slowing to only 1.9% over the 15 years to 2021,” added BHP.
Look at Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), For Example
Troilus Gold Corp. has provided a recap of its 2024 milestones and shared its outlook for 2025 as it builds on exploration successes and transitions from resource expansion and feasibility work to detailed engineering and project development, in this open letter to shareholders from Chief Executive Officer, Justin Reid.
To our valued shareholders and stakeholders,
As we reflect on 2024, it is clear this was a defining year for Troilus. The completion of our Feasibility Study, project financing achievements, and exploration success have solidified Troilus as one of North America’s leading copper-gold development projects. This transformative period has not only demonstrated the scale and economic strength of the Troilus Project but also positioned us to confidently advance through the next steps of development in 2025.
In a year where the junior mining sector continued to face challenges, including limited access to capital, Troilus set itself apart. Our ability to remain well-financed and receive in-principle support for over US$1.3 billion from internationally recognized top-rated export credit agencies, speaks to the exceptional quality of the Troilus Project and its strategic importance on the global stage.
The accomplishments of 2024 represent the culmination of years of hard work by our dedicated team and partners, setting the stage for an exciting new phase as we work towards delivering long-term value for all stakeholders.
Key developments of 2024 and Next Steps:
Feasibility Study Propels Troilus into the Next Stage of Development
In May 2024, we released the results of a Feasibility Study for the Troilus copper-gold deposit, reaffirming its position as a large-scale, long-life mining project. The study outlined a 22-year open-pit operation projected to produce an average of 303,000 gold-equivalent ounces annually.
As we transition into the next phase of development, we strengthened our leadership team with key appointments, including Andy Fortin as Vice President of Operations and General Manager of the Troilus Mine. We also welcomed two distinguished new Board members: Chantal Lavoie, our newly appointed Chairperson, and François Biron, Chair of the Technical Committee. Their depth of expertise and operational experience will be instrumental in advancing this cornerstone copper-gold project to production.
On the permitting front, we made significant progress in 2024. Ongoing public consultations with impacted communities provided valuable insights, which we incorporated into our planning process. These efforts have been pivotal in advancing the Environmental and Social Impact Assessment (“ESIA”), which is now in its final stages, and is expected to be submitted in the coming months.
In August 2024, we began dewatering the J4 pit, one of the two formerly mined open pits on the property. This marked an important milestone that will eventually open new access for drilling and exploration opportunities, while also laying the groundwork for the next phase of development.
Project financing took center stage in the second half of 2024. By November, Troilus gained global recognition as a highly financeable copper-gold project, securing letters of interest from leading export credit agencies in Germany, Finland, Sweden, and Canada totaling US$1.3 billion. This strong foundation will support a multi-faceted financing strategy as we advance the project.
Continued Exploration Success
While our drilling activities slowed in 2024, we maintained a targeted focus near the main ore bodies, pursuing both strategic resource expansion and conceptual exploration opportunities. These efforts culminated in the “West Rim” discovery, announced in September. This exciting find included high-grade intercepts, such as 1.66 g/t AuEq over 20m in hole WR-24-003, located just 150 metres from the planned reserve pit (see September 3, 2024, press release). This discovery highlighted the continued untapped potential of the Troilus deposit to deliver additional value through higher-grade ounces incorporated early in the mine plan.
Continued Priority on ESG and Environmental Leadership
In 2024, we advanced our commitment to sustainability by exploring alternative energy generation systems aimed at reducing our dependency on Hydro-Quebec’s grid and minimizing our carbon footprint. In September 2024, we completed the installation of 500 solar panels and a wind turbine, marking an important step toward supplementary and backup power generation. Over the next 12 months, we will monitor the data collected from these installations to assess the ideal location and feasibility of larger scale installations.
In December, a collaborative study conducted with Coalia, the National Research Council of Canada, Lamont, and Minesite Drainage Assessment Group (MDAG) confirmed a low potential for Acid Rock Drainage (ARD) at Troilus. The analysis of waste rock and historic data from the previous mining operation have provided us with a wealth of information to further enhance our sustainable practices as we design for the future. At Troilus, water quality remains a top priority for us and our First Nations stakeholders. The key findings from this study indicate that the Troilus rock is not acid generating and does not require additional treatment, thereby helping to minimize and mitigate the environmental footprint of the future operation. In addition to the positive environmental outcome, this has the potential to reduce costs, as the waste rock can be repurposed for infrastructure projects such as road construction.
What to expect in 2025
Troilus is entering an exciting new phase of development, with parallel initiatives advancing toward project construction. Key priorities for 2025 include:
– Completion of J4 pit dewatering and initiation of Z87 dewatering.
– Submission of the ESIA and ongoing monitoring of the approval process.
– Continued community consultations and engagement with Cree Nation and Jamesian communities to support the next phase of Troilus development.
– Advancing basic and detailed engineering.
– Securing long-lead orders on key equipment for the mine facilities.
– Negotiating contracts with mine equipment suppliers.
– Proceeding through the due diligence process with export credit agencies.
– Launching early-works projects at the site in preparation for larger-scale activities.
– Advance drilling at the West Rim discovery to further define its potential, while continuing to explore resource growth opportunities near the mine site and along the existing mineralized corridor.
With these initiatives underway, 2025 is set to be a year of execution and momentum as we continue our journey to becoming a premier North American copper-gold producer.
We sincerely thank our shareholders and all stakeholders for their continued trust and support. Your belief in our vision and commitment fuels our drive to deliver long-term value and achieve shared success.
Sincerely,
Justin Reid
Chief Executive Officer and Director
Troilus Gold Corp.
Other related developments from around the markets include:
Glencore’s CEO Gary Nagle noted, ““Our full-year 2024 production guidance has again been maintained and reflects the additional steelmaking coal volumes that have contributed to our portfolio since closing of the EVR transaction on 11 July 2024. During the current quarter, key anticipated quarterly sequential production improvements have been achieved, notably at African Copper +6kt (+13% Q3/Q2), Antapaccay +9kt (+35% Q3/Q2), Kazzinc +13kt (+27% Q3/Q2), Murrin Murrin +1kt (+7% Q3/Q2) and Australian energy coal +3.6mt (+27% Q3/Q2). Basis Marketing’s performance year to date, we continue to expect full year Marketing Adjusted EBIT in the $3.0-$3.5 billion range, being around the top end of our long-term $2.2-3.2 billion p.a. guidance range.”
Freeport-McMoRan announced that its Board of Directors declared cash dividends of $0.15 per share on FCX’s common stock payable on February 3, 2025, to shareholders of record as of January 15, 2025. The declaration includes a base dividend of $0.075 per share and variable dividend of $0.075 per share in accordance with FCX’s performance-based payout framework. The payment of dividends is at the discretion of the Board, which will consider FCX’s financial results, cash requirements, global economic conditions and other factors it deems relevant.
Australia’s two largest iron ore miners and its biggest steelmaker have selected the Kwinana Industrial Area, south of Perth, as the location to develop Australia’s largest ironmaking electric smelting furnace (ESF) pilot plant. The groundbreaking project combines the expertise of BlueScope, BHP and Rio Tinto to test technology to enable the use of Pilbara iron ore to produce iron without the need for traditional blast furnaces, as the companies come together to try to accelerate the decarbonisation of steelmaking. The industry leaders formed the NeoSmelt collaboration in February, combining BHP and Rio Tinto’s deep knowledge of Pilbara iron ore, with BlueScope’s unique operating experience in ESF technology. The NeoSmelt parties also announce Woodside Energy will join the consortium as an equal equity participant and energy supplier2, subject to finalising commercial arrangements.
BHP and HBIS Group “signed a new Memorandum of Understanding to deepen our strategic collaboration on decarbonizing the steel value chain. This marks a significant milestone in the partnership, building on multiple successful agreements and projects since an initial partnership announced in 2021. It is also a breakthrough step for both parties to further extend the value chain cooperation to steel end-users and promote the low-carbon transformation of the industry by exploring life cycle carbon reduction projects. Since the first MOU in 2021, BHP and HBIS Group have successfully conducted trials of enhanced lump use in the blast furnace into ongoing operations, kicked off design and construction of a novel carbon capture pilot, and conducted proof of concept DRI-EAF trials at HBIS’ hydrogen metallurgy demonstration plant in ZhangXuan Tech, using BHP’s Pilbara iron ores in the raw material blend.”
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Troilus Gold Corp by Troilus Gold Corp. We own ZERO shares of Troilus Gold Corp. Please click here for disclaimer.
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Winning Media
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