McEwen Sees New Mining Cycle Emerging with Gold, Copper Demand Rising

Rob McEwen, CEO of McEwen Mining (MUX:TSX; MUX:NYSE), sees a new mining cycle emerging due to limited metal supply, rising demand, and renewed investment. He remains bullish on gold, citing inflation, high government debt, monetary expansion, and continued central-bank buying as long-term drivers.

Mining stocks have not experienced a comparable rerating despite higher gold prices. McEwen believes metals currently account for approximately 2% of global equity capital, compared with roughly 9-10% at the beginning of the 20th century and about 10-11% at the beginning of the 1950s.

McEwen expects mining M&A to accelerate as major producers seek new growth after years of reducing exploration and selling higher-cost assets. He favors exploration companies with overlooked resources in established mining districts, where new geological interpretations or technology could unlock value.