Robert Frledland

Founder @IvanhoeMines_|@IvanhoeElectric |
Everything affects everything, everywhere, all the timee

[Robert Friedland @robert_ivanhoe]

A VERY IMPORTANT READ!

Jeff Currie @CommodMkt was formerly the Global Head of Commodities Research at @GoldmanSachs.

He is one of the world’s smartest commodity market strategists. He outlines why the crowded investment into AI has created the most asymmetric trade of our modern era… and why the smart money is investing in the physical assets AI requires to operate.

You can’t print molecules…

Jeff is also on the board of @abaxx_tech , @IPulseGroup and @bluesparkenergy some of the most important and disruptive technology companies.

[Robert Friedland @robert_ivanhoe]

The indefatigable genius, Craig Tindale, has done it once again with a deep-dive analysis on the supply crunch of the chemicals needed to make the world go round.

The situation the world finds itself in has never before been articulated as clearly as Craig has analysed it here… All those that care how our world is changing, with absurdly profound consequences, should IMMEDIATELY READ his analysis.

@ctindale explains how chemical reagents have overtaken geology as THE main bottleneck impacting the global supply chain of metals.

An unprecedented shock has been created in the supply of sulphur and sulphuric acid. Initially, this was caused by the closure of the Strait of Hormuz… and further exasperated by subsequent export restrictions imposed by other major exporters of sulphur and sulphuric acid as they protect thier own industries.

As Craig points out, sulphuric acid is essential in the production of critical metals, such as copper, nickel, cobalt, uranium and rare earths… He goes into detail on how the growing contraction in the supply of acid is already impacting the production of critical metals in Chile, Africa, Indonesia and Kazakhstan.

Not to be forgotten is that over 50% of the world’s sulphuric acid is used in the production of fertilizer. The supply shock is also having a significant impact on the security of food supply. Governments have a priority to ensure their populations have enough food to eat at a price they can afford to eat it at….leading to further export restrictions.

Craig forecasts:
1) vertical integration and “reagent security” will become essential to metals producers,
2) the supply of chemical reagents will be weaponized, and
3) technological substitution will accelerate as we seek alternatives to solve our dependency.

Craig’s incredibly insightful analysis even includes a handy Reagent Brittleness Index (RBI), which he artfully uses to create a Sulphur & Acid Supply Risk Dashboard for Critical Mining Assets.
Spoiler: Craig notes that the Kamoa-Kakula Copper Complex in the DRC emerges as a mining operation least at risk to chemical supply shocks, as our new on-site copper smelter becomes a major sulphuric acid PRODUCER for the region.

We are genuinely alarmed by the consequences of the new reality the world finds itself in… take an hour out of your weekend and carefully read it for yourself.

[Robert Friedland @robert_ivanhoe]

Another 5,000 lots of that Sept call spread (buying $15,500/t call options and selling $17,000/t call options) went through an LME broker earlier today… Extremely bullish

[Robert Friedland @robert_ivanhoe]

Santa Cruz continues its journey to become the next large-scale 99.99% pure copper cathode producer in the United States, delivering the copper that America needs to support industry, technology, and national defense

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Copper prices have surged to a record $6.58 per pound, now up +75% since October 2023 and over +40% in 12 months.

The surge comes amid tight supply, declining inventories in China, and surging demand for data center construction.

Furthermore, supply disruptions at the world's 2nd-largest copper mine in Indonesia are adding to the pressure.

Meanwhile, China's exports jumped +14% YoY in April, led by booming clean-tech shipments, components that are materially copper-intensive, tightening the market even further.

The global economy is scrambling for copper.

[Robert Friedland @robert_ivanhoe]

https://t.co/xQGjsv4a9g

[Robert Friedland @robert_ivanhoe]

Copper just hit a fresh all-time record high, powered by surging AI data center demand. Citi says it’s time to chase the move higher. 

The message hasn’t changed: copper is the fundamental metal of the global economy, and there simply isn’t enough of it. AI, electrification, and the broader energy transition are colliding with persistent supply constraints. Mines take decades to build, permitting remains broken, and existing operations face growing headwinds.

At @IvanhoeMines_ we’re proud to be delivering some of the world’s highest-grade copper from Kamoa-Kakula and advancing the next wave of projects.

The supercycle isn’t coming, it’s here.

Early innings still.

https://t.co/lkXrOpZOzw

[Ivanhoe Mines @IvanhoeMines_]

The world needs copper. EVs. Power grids. Data centers. Defence.

Analysts are flagging structural supply deficits starting in 2026 - and Kamoa-Kakula, one of the world’s largest and highest-grade copper producers, is positioned to be part of the answer.

[Robert Friedland @robert_ivanhoe]

Fastmarkets’ latest assessment of copper concentrate treatment charges (TCs) is MINUS $107.30/t (-2.1% week-on-week), citing recent elevated sulphuric acid prices as the key reason for the persistent declines in treatment and refining charges. Smelters are getting bumper revenues from selling sulphuric acid as a byproduct, so in turn they charge less to smelt concentrate… or rather they are paying miners on average $107.30 for every tonne of concentrate they smelt.

[Robert Friedland @robert_ivanhoe]

Major metals trader Mercuria recently published to their clients feedback from the CESCO copper conference in Chile.

We have read it and, in short, the copper market is tightening, fast.

Mercuria believe that a global (ex-US) deficit in cathode is coming this quarter. Despite high energy costs, Chinese demand is becoming increasingly inelastic, US arbitrage window is widening pulling more copper into the USA, and scrap stockpiles are increasingly scarce. In addition, the supply from low-grade oxide copper mines is increasingly at risk from high diesel and acid prices.

Whilst there are risks to how far war could escalate, sentiment is very bullish.

We look forward to learning more at Mercuria’s conference in Villars, Switzerland this weekend.

[Robert Friedland @robert_ivanhoe]

Equity markets have priced in AI, which might happen. Whereas, oil markets have NOT priced in what has already happened. ~ 1 billion barrels of oil has been lost to date… and oil prices are up only ~50%.

[Robert Friedland @robert_ivanhoe]

It is the first time in a long time that copper traded on both the Shanghai metal exchange (SHFE) and the Comex (CME) have both traded at a premium to copper traded on the London Metal Exchange (LME)… this means that copper is bought in London (LME) and sold to China (on the SHFE) and the US (on the CME) at a profit. The LME - SHFE arbitrage is currently $80/t and the LME - CME arbitrage is currently $600/t…

Btw it is a fact that the LME is owned by the Hong Kong Stock Exchange !

[Robert Friedland @robert_ivanhoe]

The entire copper industry has just returned from last week’s leading copper conference in Chile (CESCO), with participants, including the world’s largest copper traders, even more bullish that all-time-high copper prices could be tested over the coming weeks.

It’s become crystal clear that both China and the US are frantically stockpiling despite industrial supply chain uncertainties related to the conflict in Middle East.

The rivalry between the two superpowers could easily pull the king of metals up to $15,000 per tonne quicker than we can imagine.

ITS A FULL ON GLOBAL TUG-OF-WAR

[Robert Frledland @robert_ivahone]

@nurayuofficial blm di fb kak 😄

[Robert Frledland @robert_ivahone]

@JemarimuId Kayaknya banyak yang satu nasib nih. Absen dulu dong, cicilan siapa yang paling bikin perang batin tiap bulan? 😭🙌,lebih horor mana coba? perang lawan rudal atau perang lawan "tanggal jatuh tempo?" 🤣

[Robert Frledland @robert_ivahone]

@JemarimuId Pasrah soalnya cicilan masih panjang, kalau perang beneran kan bingung bayarnya pakai apa di akhirat nanti. 😂

[Robert Frledland @robert_ivahone]

@JemarimuId cmn pasrah aja sih klo aku😄

[Robert Frledland @robert_ivahone]

@AirdropDayli @bunnybluum malah lebih waras kak, gosah update perkembangan berita korupsi 😁

[Robert Frledland @robert_ivahone]

@txinnxd yuk kak, semangat ya

[Robert Frledland @robert_ivahone]

@horcruxsh cobain yuk kak😄