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Rick Rule: There is nothing we can do to prevent copper prices to rise over the next five years. - The industry needs to invest ~$250B just to maintain current production. - Current production is already failing to meet demand. - The industry is investing only ~$150B. In other words, the copper industry isn't even investing enough to maintain today's supply... while demand continues to grow 2–3% annually. It's projected that by 2040: - the world needs an additional 14Mt of annual copper supply - ~50% more than today’s output - projected deficits alone approach ~10Mt To put that into perspective: - Humanity has mined ~700 Mt of copper in total history - Over the next 14 years, we must mine ~525Mt more - That's equivalent of adding 10 of the world biggest copper mine Higher copper prices are a mathematical certainty