Developers Predict Pivot Back to Metals

Australian mining developers see value in their projects as investors shy away from risk, but predict a market turnaround when global turmoil subsides.

Bill Beament, Develop Global's (ASX:DVP) CEO and former Northern Star boss, told a Perth audience that commodities like copper are 'yet to really run', despite record prices above US$14,000/t this year.

Copper stockpiles have hit their highest level in over 23 years at ~1.07Mt, but demand has accelerated due to refinery capacity expansion in China and India, while mine developments haven't kept pace with refined metal production.

Beament believes a swing back to metals will occur when the Iran War is no longer dominating financial markets, with copper, zinc, and lithium poised for growth.