Pala Investments的管理合伙人Stephen Gill在中表示，为了满足金属需求的上涨，在经历了多年矿企投资金额能力不足后，矿业合并现象开始回升。
可能会有更多的供应问题存在。彭博分析师Andrew Cosgrove和Eily Ong估计，智利和秘鲁今年将有30多份劳动合同进入谈判阶段，全球近三分之一的铜供应面临中断的风险。
Glencore Plc首席执行官Ivan Glasenberg在12月一次投资者会议上表示：人们忘记了大量铜矿消耗、铜品位下降，以及行业内正在发生的罢工风险。
原文：Copper Mining Deals Off to Best Start in 12 Years as Prices Soar
By Luzi Ann Javier
(Bloomberg)--Copper mining deals are off to the best start in at least 12 years--and more money could be pouring into the sector this year.
More than$500 million in transactions are pending or were completed so far this month,the most recorded for January in Bloomberg data going back 12 rger interest is picking up after years of under-investment limited mining companies
capacity to meet rising demand for the metal,Stephen Gill,a managing partner at Pala Investments,said by phone.
We see the large mining companies indicating their need to buy growth,said Gill,whose mining and metals-focused investment company is the biggest shareholder in Nevada Copper e to years of under-investment,their project pipelines are now empty and can only be replenished through acquisition as it takes years to develop,permit and build a new copper mine.
The appetite for copper-mining assets is surging after prices of the metal climbed the most in seven years in 2017 amid disruptions that widened the shortfall in ile the rally has faltered since prices climbed to a three-year high in late December,Goldman Sachs Group alysts say the outlook remains gns of synchronized global growth also are boosting demand prospects,highlighting the need to bring new copper projects online soon.
Production trailed consumption by 175,000 metric tons in the first 10 months of last year,according to the International Copper Study e deficit widened from 143,000 tons in the same period a year earlier,after a labor strike at BHP Billiton Ltd.s Escondida mine in Chile and a temporary ban on concentrate shipments from Freeport-McMoRan Inc.s Grasberg curtailed supply in the early part of 2017,the study group said.
There may be more supply troubles re than 30 labor contracts are up for negotiations this year in Chile and Peru,putting almost one-fifth of global copper supply at risk of disruption this year,Bloomberg Intelligence analysts Andrew Cosgrove and Eily Ong estimated.
People forgot about the depleting copper mines or the grades declining at a large amount of the copper mines,plus the elevated strike risk which is occurring in the industry,Ivan Glasenberg,chief executive officer of Glencore Plc,said in an investor meeting in December.
Over the next decade,the market would need 5 million tons of copper from new mines to meet growing demand,Freeport CEO Richard Adkerson said Thursday,citing Wood Mackenzie estimates.
New projects being developed have lower ore grade,he said.
There is a real absence of major new projects on the horizon,Adkerson said on the companys fourth-quarter earnings pplys reflecting a very long period of d even as we speak today with higher prices,we dont see a wave of new investments being started immediately.
The combined capital spending of copper producers tracked by Bloomberg Intelligence has plunged by more than half to$52.3 billion last year,from almost$129 billion four years earlier.
The dearth of investments and the difficulty in finding lucrative projects meant less spending on acquisitions last e value of transactions pending or completed in 2017 shrank to$1.15 billion,from$3.03 billion a year earlier.
Still,in terms of number of deals,the 51 transactions last year targeting copper assets were the most in Bloomberg data in at least 12 years.
To be sure,Januarys performance isnt always a clear indicator of the annual flow of money into mining d
$510.6 million in transactions this month pales in comparison to some of the large deals of the recent past,such as the$7 billion sale by Glencore of the Las Bambas copper project to a group led by MMG nounced in April als that year reached$11 billion,the highest since 2012.
Still,mining companies will be under heavy pressure to start buying new assets soon,especially with copper prices trading above$7,000 a metric ton for most of the past month.
Copper valuations are disconnected from where copper prices will ultimately trade in the long run,Cosgrove said in a telephone sets are being valued based on copper prices below$7,000,when the cost of bringing in new capacity is much higher,he said.