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Large Copper/Gold Mine - Shut Down since 1989

Copper mines world wide are getting depleted. There is one copper mine that is listed on the ASX in Australia that has not produced any copper/gold since there was a civil war in 1989.

The mine is located on the island of Bougainville off the coast off Papua New Guinea. The name of the mine is Panguna. The company that has the rights to exploit the mine are held by Bougainville Copper Limited, listed in Australia.

The mine operated from 1971 to 1989. Mining was stopped in 1989 due to local population militant activity at the mine. Since then the mine has been shut down

Rio Tinto was 53.8% shareholder of the mine. The Government of Papua New Guneae held 36.4%. In 2017 Rio Tinto relinquished it's shareholding in the mine to the Government of Papua New Guinea.

Ultimately Bougainville wants to become independent of PNG. There are discussions ongoing for making Bougainville an independent state. This could lead to a re-opening of the panguna mine.

The order of Magnitude study that was done by Rio Tinto for the reserves is attached & below. It is a very large porphyry deposit, that is easy to mine.

5.3 MT of Copper Resource

19.3 M oz of Gold Resource

Probably one of the largest easy to mine copper/gold deposits in the world

Stock traded on ASX since 1989. Very illiquid. I owned it and sold it a few years back, when Rio Tinto relinquished it's shares.

If the traditional landowners, the Autonomous... (More)

Altus Granted Three New Copper and Silver Projects In Morocco

Altus Strategies Plc (AIM: ALS, TSX-V:ALTS) has been granted three new copper and silver exploration projects totalling 252 sq. km in the western Anti-Atlas of the Kingdom of Morocco.

The Projects were awarded to the company’s 100% owned subsidiary, Aterian Resources Limited, following a competitive tender process.

Read more: https://bit.ly/3r2BgYt

Gold bounce?

Gold decided to bounce.

 

Sandstorm might be good for half position here with short stop.

 

GDX/GDXJ will take awhile to confirm trend change, if any.

How do you gauge speculative positions? (e.g. in Gold)

Hey guys,

Reading Raoul's tweet thread this morning (here), and I'm particularly interested in the idea of a big reversal happening in gold with it's current market action...

I don't work on a trading floor or in portfolio management so I don't know all the tools that commodity traders would use.  I understand all the narratives floating around (i.e. Bitcoin is the new gold, Gold only goes up when real rates are negative, etc. etc.).  But, my thought is to look at what the current speculative positioning is in both institutions and retail in the gold market.  

How would one go about doing this?

What charts/data do you guys pull together and what kind of analysis do you draw from it?

From Raoul's 3/8/21 tweet linked above...
From Raoul's 3/8/21 tweet linked above...