Copper demand is only expected to accelerate. In fact, according to BHP, demand will increase about 70% between 2021 and 2050. All thanks to infrastructure needs, power grid demand, and data centers that support artificial intelligence. In addition, as noted by the Financial Times, “The world’s largest miners have been rushing to increase their exposure to high-growth copper assets as increased demand is expected to create a shortage.” All of which is a solid catalyst for copper stocks such as Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), Freeport-McMoRan (NYSE: FCX), Centerra Gold (NYSE: CGAU) (TSX: GG), Minera Alamos Inc. (OTC: MAIFF) (TSXV: MAI) and Ero Copper (NYSE: ERO) (TSX: ERO).
With regards to artificial intelligence data centers, BHP estimates that “the copper used in data centers globally will grow six-fold by 2050 – from around half a million tonnes a year of copper today, to around 3 million tonnes a year by 2050. That uplift is roughly equivalent to the combined annual output of the world’s four largest copper mines today.”
That’s because “data centers require vast amounts of copper for their construction, particularly for their power networks, circuit boards and cooling systems. A study of Microsoft’s US$500 million data center facility in Chicago found it used 2,177 tonnes of copper, equivalent to 27 tonnes of copper for every megawatt (MW) of applied power,” BHP added.
Look at Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), For Example
Troilus Gold Corp. expanded its engineering team with three key appointments, further strengthening its capabilities as the Troilus Project advances into the development and construction phase. The Company is pleased to welcome Mr. Denis Rivard as Executive Vice President, Projects and Chris Sharpe as Vice President of Technical Services, effective February 1, 2025. In addition, Jérôme Girard will be joining the team as Process Manager for the Troilus Project, effective February 10, 2025. These additions underscore Troilus’ commitment to assembling a best-in-class team to advance one of the largest undeveloped gold-copper deposits in Canada, bolstering the Company’s technical expertise and project execution capacity.
Denis Rivard, P.Eng., has been appointed Executive Vice President, Projects, where he will lead the development of the Troilus Project, overseeing the assembly of a professional team to execute detailed engineering, procurement and construction as well as directing all pre-construction activities. Mr. Rivard is a professional engineer with over 35 years of experience leading multi-billion-dollar mining, infrastructure, and processing projects worldwide. His extensive leadership experience includes senior roles at Freeport-McMoRan Copper & Gold Inc., Ausenco, SNC-Lavalin, and WorleyParsons. At Freeport, Denis served as Regional Director of Projects in Africa, overseeing the delivery of major capital projects including the development of a cobalt refinery, the rehabilitation of the Nseke Hydro Power Plant and the management of pre-feasibility work on a $2.3 billion copper-cobalt project. Most recently, he served as Vice President of the Réseau Express Métropolitain project at CDPQ Infra, where he oversaw the construction of Montréal’s 65-kilometre autonomous light rail network—one of the largest fully automated transit projects in the world. Denis is a member of the Ordre des ingénieurs du Québec (“OIQ”) and holds a bachelor’s degree in mechanical engineering.
Chris Sharpe, P.Eng., has been appointed Vice President of Technical Services. In this role, Chris will oversee all technical and engineering aspects of the Troilus Project, liaising closely with operations and project teams to ensure optimal performance, compliance, safety, and cost-efficiency. With over 20 years of experience in mine planning, technical studies, and project management, he has held leadership roles at Centerra Gold Inc. and Minera Alamos. Most recently, as Vice President of Project Development at Minera Alamos, Chris oversaw long-term open pit mine planning activities of the Santana mine and Cerro de Oro open project, focusing on NI 43-101 technical reports, economic modelling, and mine design. Chris holds a bachelor’s degree in mining engineering from Dalhousie University and is a member of the Association of Professional Engineers of Ontario.
Jérôme Girard, who has been appointed Process Manager for Troilus, brings over 25 years of experience in mineral processing, mine operations, and project management. Notably, he has a deep familiarity with the Troilus site, having held several senior roles during the mine’s operation, including Mill Superintendent and Chief Metallurgist. Throughout his career, Jérôme has also held key positions at leading mining companies, including Cambior, Niobec, Goldcorp, Iamgold, and TMAC Resources, where he managed processing facilities, optimized operations, and oversaw the development of mining infrastructure. He holds a bachelor’s degree in Materials and Metallurgical Engineering from Laval University and is a member of both the Ordre des ingénieurs du Québec and Professional Engineers Ontario. Mr. Girard will report to Andy Fortin, who was recently appointed as Vice President, Operations and General Manager of the Troilus Mine.
Ian Pritchard, ICD.D, who previously held the role of Senior Vice President, Technical Services for Troilus will now assume the role of Senior Vice President, Technical Planning. Ian has played an instrumental role in shaping the technical direction of the Troilus Project, most notably leading the delivery of the May 2024 Feasibility Study, which outlined a generational-scale asset capable of supporting a 22-year, 50,000-tonne-per-day open-pit mining operation. In his new role, Ian will focus on coordinating all technical components of the project, ensuring seamless collaboration between internal teams, external consultants, senior management, and the Board of Directors.
Justin Reid, CEO of Troilus, commented, “The addition of Denis, Chris and Jérôme to our leadership team reflects an exciting new chapter for the Troilus Project. With engineering advancing, permitting well underway, and early works planned for this year, we are bringing together the leadership required to ensure the Project is construction-ready. Denis’s extensive track record in managing complex, large-scale projects coupled with Chris’s proven background in mine planning and development, and Jérôme’s unique expertise in mineral processing and deep knowledge of the Troilus site will significantly enhance our capabilities. Their leadership will build on Ian’s foundational work, which has helped establish Troilus as one of the largest undeveloped copper-gold projects in Canada. Together, this team will be instrumental in executing our strategy and unlocking the immense value of the Troilus Project as we move toward construction.”
Other related developments from around the markets include:
Freeport-McMoRan’s 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.
Centerra Gold reported its third quarter 2024 operating and financial results. President and CEO, Paul Tomory, commented, “Centerra continues to deliver consistent operating performance and is on track to meet our consolidated production and cost guidance for the year. We have benefited from margin expansion driven by stable cost performance in an elevated metal price environment. As planned, we have returned to strong free cash flow generation in the third quarter. Even after spending approximately $32 million on the restart of operations at the Thompson Creek mine, we grew our cash and cash equivalents to $604 million at the end of the third quarter. We increased our share buybacks in the third quarter to $12 million, and declared a quarterly dividend, delivering on our disciplined approach of returning capital to shareholders.
Minera Alamos Inc. provided an operations update and select financial highlights from the third quarter of 2024. “The third quarter was our first full quarter of production from the Nicho Main Deposit and efforts are focused on expanding working areas in the new pit to allow for increased mining and stacking rates which continue to accelerate and are now approaching 2022 levels. In addition, we have initiated the construction of the first phase of leach pad expansion at the project which will further assist in the operational efficiencies. As the lag between mining and stacking and subsequent gold leaching recovery closes, we anticipate an improvement in the financial performance of the Santana operations as we progress later in Q4 and into 2025.” stated Darren Koningen, CEO. “In parallel with the progress at Santana, the last few months have seen the Company announce a significant planned acquisition of Sabre Gold Mines and its flagship Copperstone gold mine in Arizona alongside a modest financing which ensures sufficient operational flexibility during a period of significant growth for the Company. We believe both moves are positive developments for the Company and its shareholders as we prepare for a busy 2025 with development activity on multiple fronts at Santana, Cerro de Oro and Copperstone.”
Ero Copper announced an update of its National Instrument 43-101 compliant mineral reserve and resource estimates for its Xavantina Operations, located in Mato Grosso State, Brazil. The updated mineral reserve and mineral resource estimates incorporate drilling activities and mining depletion on the properties through June 30, 2024. “Our ongoing exploration program at the Xavantina Operations continues to deliver exceptional results,” stated David Strang, Chief Executive Officer. “When we acquired this asset in 2016, it had no mineral reserves, no mine life, and annual production of just 25,000 ounces. We have since transformed it into a robust operation with nearly 600,000 ounces of measured and indicated resources, including 459,000 ounces of proven and probable reserves. The successful completion of our NX 60 Initiative in 2023, highlighted by first production from the Matinha Vein, was a major milestone, positioning Xavantina to sustain annual production of approximately 55,000 to 60,000 ounces in the years ahead. We are equally excited about Xavantina’s untapped potential, both near the mine and regionally. Our dual strategy remains focused on extending mine life and discovering new vein structures to expand mine and mill feed, enabling us to fully utilize the mill’s installed capacity of up to 300,000 tonnes per annum.”
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