(Kitco News) - There’s a huge disconnect between the world's need for metals and resource valuations, said Coppernico Metals President and CEO Ivan Bebek.
In mid-January, Bebek spoke to Kitco Mining at the Vancouver Resource Investment Conference 2024.
Coppernico has a 100% interest in the Sombrero project, which is located in Peru. The project is on the potential extension of Andahuaylas Yauri Mine Belt, which includes First Quantum’s Haquira, Glencore’s Tintaya and MMG’s Las Bambas, one of the world’s largest copper mines.
Bebek was formerly the co-founder of Cayden Resources, which was sold to Agnico Eagle Mines for $205 million in 2014. Bebek is chair and a director at Tier One Silver.
The markets have been tough for both base metals and precious metals. Copper has traded mostly sideways since the start of 2024. Copper bellwether Freeport-McMoran is down 7.46% for the year. Gold miners have been even worse, with the VanEck Gold Miners ETF dropping 11% for the year.
Bebek said that the markets don’t understand the supply constraints facing the metals sector. The sector looks great, but it is not being valued.
“From a fundamental perspective, it's outstanding, but from a retail investing perspective, it's still dragging,” said Bebek. “There's a huge disconnect with the sentiment and the real shortages that are facing some of the base metals.”
Bebek was heartened to see 2024 kick off with some big M&A: Canada Nickel receiving an $18.7 million investment from Samsung, Sumitomo Metal Mining Canada putting $14.5 million into FPX Nickel and Zijin Mining announcing a $130 million investment into Solaris Resources.
“I feel highly opportunistic once again,” said Bebek. “In time, it'll change and it'll be very very positive to the upside.”
Coverage of the Vancouver Resource Investment Conference 2024 was sponsored by Snowline Gold.