Hello my dears,

After my gold mining special, I have now delved even deeper into the world of copper mines.

Copper is experiencing a renaissance as a strategic commodity of the future. At over USD 11,900 per tonne on the London Metal Exchange, the red metal is reaching historic highs - and this is more than just a cyclical swing. The combination of scarce supply, geopolitical risks and explosive growth in demand from AI data centers and electromobility is creating an environment from which selected mining companies can benefit disproportionately. Structural supercycle on the rise: the figures speak for themselves.

Why copper

DID YOU KNOW THAT?

• The typical battery-powered electric vehicle requires about four times as much copper than a conventional combustion vehicle.
• Copper is one of the most widely used metals in the world and one of the most widely recycled.

The scarcity of copper

• We are currently seeing a significant gap in the inability of global copper mine supply to meet long-term demand expectations due to new copper projects, declining grades and increasing social and technical challenges in bringing new projects on stream.

10,000 years

Copper is the oldest mined metal known to man and has been used for over 100 centuries

400 +

copper alloys are currently used, including brass and bronze

33 %

Current demand is met by recycled copper

18 elements

including gold, silver, cobalt and molybdenum are by-products of copper mining

I have picked out 8 mines. But I haven't found a clear favorite, so I need your help with the selection this time.

Which mine is your favorite?

@Dividendenopi
@Multibagger

In the quality and growth check are

• HudBay Minerals $HBM (-0,66 %)
• 
  
  Freeport-MCMoRan $FCX (-1,49 %)

the winners.

In a few years, Hudbay will celebrate its 100th anniversary

Hudbay is a copper-focused mining company with three long-life operations and a world-class pipeline of copper growth projects in the category mining regions of Canada, Peru and the United States.

Hudbay's operating portfolio includes the Constancia mine in Cusco, Peru, the Snow Lake operations in Manitoba, Canada and the Copper Mountain mine in British Columbia, Canada. Copper is the company's main metal, complemented by significant gold production. Hudbay's growth pipeline includes the Copper World project in Arizona, the Mason project in Nevada (USA), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities close to existing operations.

HudBay Minerals Inc. is a resource mining (metals/coal) and resource extraction (diamonds/precious metals) company headquartered in Canada. The HudBay Minerals share is traded under ISIN CA4436281022. In the past financial year, HudBay Minerals generated sales of CAD 2,720.74 million, which corresponds to growth of 19.69% compared to the previous year. Operating profit amounted to CAD 544.97 million, an improvement of 27.85%. Net income for the year amounted to CAD 105.08 million, an improvement of 17.31%. On the balance sheet date, the company had total assets of CAD 7,892.27 million. Reported equity amounted to CAD 3,807.49 million, which corresponds to an equity ratio of 48.24%. Total debt amounted to CAD 1,700.38 million, with a debt to asset ratio of 21.54%. HudBay Minerals employed 2,803 people at the end of the financial year, an increase of 3.51 % compared to the previous year. Revenue per employee amounted to CAD 0.97 million. The company paid a dividend of CAD 0.02 per share for the past financial year, which corresponds to a dividend yield of 0.17 %. The price/earnings ratio (P/E ratio) is 41.81 and the price/book ratio (P/B ratio) is 1.25.

Planning for the future

We have laid the foundations for a new phase of growth based on our long history and proven track record in project development. Our near-term growth profile includes the high-grade Pampacancha satellite camp at our Constancia mine in Peru and the expanded gold and copper-gold zone at our Lalor mine in Snow Lake, Manitoba. Our world-class pipeline includes the recent discovery of the Copper World Complex project in Arizona, as well as the Mason deposit in Nevada, and you will see significant, high-grade properties where we are already in the planning stages of how to unlock their value. Over time, we look forward to expanding our exploration program into Arizona and Nevada.

Is HBM's Copper World JV with Mitsubishi a potential breakthrough?

• HBM signs a $600 million deal with Mitsubishi for a 30% stake in the construction of the Copper World Project.
• HBM's Copper World is in line with Washington's mission to rebuild a domestic supply chain for critical minerals.
• The deal helps HBM defer its initial capital requirements until at least 2028 and increase the IRR owed to 90%.

Ist HBMs Copper World JV mit Mitsubishi ein potenzieller Durchbruch? - 18. November 2025 - Zacks.com

Year
Earnings per share
P/E RATIO

2025 0,84 23,98

2026 1,42 14,20

2027 1,63 12,40

2028 1,89 10,72

Market capitalization in EUR billion 6,69

year
Profit in million

2025 522,65

2026 562,29

2027 642,31

2028 638,73

2029 1.106,00

Year
Free cash flow in € million

2025 237,76

2026 523,46

2027 621,44

2028 416,93

2029 803,64

HBM_InvestorPresentation_November2025_final.pdf

$FCX (-1,49 %)

Freeport-McMoRan (FCX) is a leading international metals company dedicated to being a leader in copper. Our company was incorporated under the laws of the State of Delaware on November 10, 1987 and is headquartered in Phoenix, Arizona. We operate large, long-lived, geographically diverse assets with significant proven and probable copper, gold and molybdenum reserves. Our portfolio of assets includes the Grasberg mineral district in Indonesia, one of the largest copper and gold deposits in the world; and significant operations in the Americas, including the large-scale Morenci mineral district in North America and the Cerro Verde asset in South America.

Freeport-McMoRan Inc ("FCX"), formerly known as Freeport-McMoRan Copper & Gold Inc, was formed in 1988 following the discovery of the Grasberg copper and gold deposit in Papua, Indonesia, when FCX's former parent company, then known by the trading symbol "FTX", sold 20 percent of the company in an initial public offering. or IPO. Following the acquisition of Phelps Dodge in 2007, FCX emerged as a dynamic industry leader, combining the assets and technical teams of two great companies. FCX's unique portfolio of mining assets was developed and acquired from several predecessor companies, including Freeport Minerals, Phelps Dodge, Cyprus Minerals, American Metal Company (AMAX) and Climax Molybdenum, among others. The many important milestones that have occurred over the decades make FCX's portfolio of assets difficult to replicate today.

Freeport was named among the ten most transparent companies in the US.

Freeport wurde zu den zehn transparentesten Unternehmen in den USA gewählt | Freeport-McMoRan

Freeport named among leading companies using AI to achieve results

Freeport als eines der führenden Unternehmen genannt, die mit KI Ergebnisse erzielen | Freeport-McMoRan

Baghdad autonomous train fleet retrofit fully implemented

Umbau der autonomen Zugflotte Bagdad vollständig umgesetzt | Freeport-McMoRan

Freeport-McMoRan is the quality commodity with comeback potential

Freeport-McMoRan Inc. (ISIN: US35671D8570) operates significant copper, gold and oil and gas reserves worldwide. It is the world's largest molybdenum producer. The foundations of the company were laid by the merger of Freeport Minerals and McMoRan Oil & Gas in 1981. The company was listed on the NYSE in 1988 and its shares have been freely tradable since 1955.

With a return on equity of 15 % and average double-digit growth rates over the last 5 years, Freeport-McMoRan has the qualities to be considered as a long-term investment. This is also illustrated by the good result of 12/15 points in the TraderFox quality check. In addition, the company regularly distributes dividends to shareholders, allowing investors to participate directly in the profits.

Rohstoffe im Rallye-Modus: Diese 3 Aktien gehören aktuell zu den größten Gewinnern

Pivotal-Point tracking Freeport McMoRan. (FCX): Copper giant benefits from strong quarterly figures and all-clear in Grasberg - UBS sees price target at USD 55!

15.12.2025 at 13:00

Freeport-McMoRan is a mining company with a focus on copper, molybdenum and gold. Freeport already reported impressive figures for the 3rd quarter on October 24. At USD 0.35, adjusted earnings per share were well above expectations of USD 0.27. Revenue reached USD 5.82 billion, which was also above the estimated USD 5.65 billion. On November 18, 2025, Freeport-McMoRan announced plans to resume large-scale production in the Grasberg mining district in Indonesia following a serious incident (sludge collapse) in September.

Year
Earnings per share USD
P/E RATIO

2025 1,51 35,20

2026 2,22 23,95

2027 2,93 18,14

2028 2,92 18,16

Year
Profit in € million

2025 2.138,37

2026 3.348,81

2027 4.575,53

2028 5.275,00

2029 4.057,00

Year
Free cash flow in € million

2025 1.907,36

2026 3.874,00

2027 6.249,36

2028 7.627,00

2029 8.992,00

Market capitalization in EUR billion 63,31

Analyst recommendations on Freeport-McMoRan

Buy 16

Overweight 3

Hold 5

Underweight 0

Sell 1

FCX Presentation

Any opinions on future copper/iron price movements?

After the strong silver and gold rally, they could/should follow suit. In my opinion they are still undervalued, the Chinese are pumping liquidity into the markets, so that could be promising, right?

I don't know many stocks there, something like Rio Tinto with a focus on dividends interests me less, more the growth stocks.

I did a bit of reading and found that in the copper sector $ASCU (+2,53 %) , $ERO (-0,61 %) , $HBM (-0,66 %) , iron stocks like $ASX (+1,36 %) etc. - but I'm not very impressed by the chart.

$FCX (-1,49 %) I remember it from earlier times, but it's also bobbing along.

It's not intended to be a long-term position, but rather a short/medium-term trade. At least it would make sense to me if shares in this sector were to pick up soon.

In terms of returns, however, I see $BMNR (-1,53 %) almost a greater leverage, assuming that an ETH rally follows, which I expect.

I look forward to your opinions!

YTD return:

🥇 Gold: ≈ +39.1 %

🥈 Silver: ≈ +24.7 %

🥉 Copper: ≈ +20.6 %

⚗️ Palladium: ≈ +34.5 %

💎 Platinum: ≈ +45.4 %

🥇Gold:

📈Chart technicals: The uptrend is running in a clean rising weekly channel.

The all-time high at 3 500 $/oz (22 Apr.) is intact; setbacks to the 50-day EMA (~3 300 $) were absorbed each time.

Primary support zone: 3 200 - 3 100 $ - the previous breakout level. RSI > 60 confirms bullish momentum.

ℹ️Fundamental Driver No. 1: Central bank buying.

In 2025, the official sector is again targeting ≈ 1,000 t - the 4th year in a row of massive purchases, driven by de-dollarization and geopolitical hedging.

🥈Silver:

📈Chart technicals:

Despite +25% YTD, the price is still ~30% below the historic peak of $49. The multi-decade cup-and-handle formation is approaching the neckline at 36 - 37 $; a significant weekly close above it could activate a target above 75 $. Short-term supports: $34.8 (May breakout level) and $32.

ℹ️Fundamental Driver No. 1: Supply deficit.

The World Silver Survey reports a shortfall of 149 Moz in 2024; a further 118 Moz is expected in 2025 - largely due to solar and e-mobility demand, while 70% of production is by-product.

🥉Copper:

📈Chart technicals:

On July 8, the "blue-sky breakout" to 12 526 $/t (5.68 $/lb) took place. Volume spike and weekly RSI > 70 confirm strength. The former top band 10 500 - 10 800 $/t now serves as key support; a retest to ~11 000 $ would be technically sound without breaking the uptrend.

ℹ️Fundamental driver no. 1: Structural scarcity.

UNCTAD warns: By 2030, around 80 new mines and $ 250 bn CapEx would be needed to meet demand from the energy transition, data centers and e-mobility - otherwise the market deficit will persist.

This is where I am currently positioned:

🥇Gold:

$EWG2 (-0,65 %)

$IGLN (-1,1 %)

$SPGP (-1,39 %)

$GDXJ (-1,46 %)

$BTO (-3,58 %)

$FF (-0,16 %)

🥈Silver:

$PHAG (-3,62 %)

$FR (-3,18 %)

🥉Copper:

$COPA (-0,05 %)

$HBM (-0,66 %)

$ATYM (+0,51 %)

❓Do you see a continuation of the bull market in metals and are you positioned accordingly?

As (real) interest rates fall, my overnight money reserve loses its appeal. 😏

In addition to the weekly $VWRL (-0,26 %) -savings plan, I am therefore allocating capital specifically to the copper sector for the first time - tactically, not as a permanent core position.

🚀 Fundamental drivers:

• Electrification & AI boom: E-cars, charging infrastructure, grid expansion, data centers.
• Demand > supply: WoodMac/IEA see a structural deficit from 2025.
• Falling ore grades: Head grade < 0.5% ⇒ rising AISC.
• Recycling is not enough: By 2030, scrap covers < 50% of the increase.
• Geo-lump: 60% of concentrate comes from Chile, Peru, DR Congo.

🚨 Risk: In a recession, copper usually crashes first.

For me, this would be more of a buying opportunity than an exit signal.

📍 Position 1:

$COPA (-0,05 %)

- WisdomTree Copper ETC

• Spot exposure
• Pure play on the price without company risk

📈 Chart:

Cup-&-Handle since 2006: Cap at ~€41 (2011 top) is currently under attack.

SMA 200 W (white) positive - first upward trend since 2012.

Volume profile: Largest cluster €30-33 → now support. - Above €41 "volume gap" begins with room for trend acceleration.

📍 Position 2:

$HBM (-0,66 %) - Hudbay Minerals

• Multiple ≈ 5 x - cheap vs. majors
• Three Tier 1 assets plus Copper World (Arizona) could lift production by 50% by 2027
• Relatively ESG-friendly, stable legal systems

📈 Chart:

Weekly close > $11.6 would be a multi-year breakout with projection $14-16.

SMA 200 W rising: recent volume spike points to institutional accumulation.

Volume profile: Point-of-control at ~$6 serves as a massive floor.

📍 Position 3:

$ATYM (+0,51 %) - Atalaya Mining

• The only major western EU copper mine (Proyecto Riotinto)
• Multiple ≈ 8 x, but pure copper story.
• E-LIX hydrometallurgy could reduce costs & extend life-of-mine.
• Minimal geo risk, € cash flows match EU demand

📈 Chart:

(The chart shown is quoted in British pence and has the longest history. Uses ticker E5S1 for the € price)

Ascending triangle 340 p (support) × 470 p (cap).

Close > 470 p confirms breakout with technical target 550-580 p.

SMA 200 W supports every dip since 2020.

My current copper positions:

That's it already 😁

What do you currently think of copper and are you invested?