{"id":23065,"date":"2021-03-17T22:05:56","date_gmt":"2021-03-18T02:05:56","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=23065"},"modified":"2021-03-18T14:54:09","modified_gmt":"2021-03-18T18:54:09","slug":"copper-miners-in-focus-hunting-for-value","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/copper-miners-in-focus-hunting-for-value\/","title":{"rendered":"Copper Miners in Focus: Hunting for Value"},"content":{"rendered":"<h2>The Bullish Macro Backdrop for Copper<\/h2>\n<p><iframe loading=\"lazy\" title=\"Copper Miners in Focus: Hunting for Value. Top Picks: Sierra Metals (SMTS, SMT) Hudbay (HBM)\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/h4NcJPwbmNY?feature=oembed&#038;enablejsapi=1&#038;origin=https:\/\/capital10x.com\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Copper is one of the best performing metals in 2021 having risen 16% year to date, second only to tin.<\/p>\n<p>We believe we&#8217;re at the early stages of a commodity bull market and copper will be front and center, there&#8217;s significant upside ahead.<\/p>\n<figure id=\"attachment_23074\" aria-describedby=\"caption-attachment-23074\" style=\"width: 1386px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23074 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-price.png\" alt=\"\" width=\"1386\" height=\"857\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-price.png 1386w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-price-300x185.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-price-1024x633.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-price-768x475.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-price-696x430.png 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-price-356x220.png 356w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-price-712x440.png 712w\" sizes=\"auto, (max-width: 1386px) 100vw, 1386px\" \/><figcaption id=\"caption-attachment-23074\" class=\"wp-caption-text\">Source: Bloomberg<\/figcaption><\/figure>\n<h3>Record Central Bank Money Printing = Inflation<\/h3>\n<p>To combat the 2020 pandemic induced recession central banks have printed a record setting amount of money. The amount of cash in the economy (M1 Money Supply) is up an astounding 355% from the previous year.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23068\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/fred-m1-money.png\" alt=\"\" width=\"988\" height=\"690\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/fred-m1-money.png 988w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/fred-m1-money-300x210.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/fred-m1-money-768x536.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/fred-m1-money-696x486.png 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/fred-m1-money-100x70.png 100w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/fred-m1-money-200x140.png 200w\" sizes=\"auto, (max-width: 988px) 100vw, 988px\" \/><\/p>\n<p>This historic level of money printing is feeding into inflation expectations, the market believes inflation will be 2.6% over the next 5 years &#8211; the highest level in over a decade.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23070\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/5-yr-breakeven-inflation-rates.png\" alt=\"\" width=\"865\" height=\"444\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/5-yr-breakeven-inflation-rates.png 865w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/5-yr-breakeven-inflation-rates-300x154.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/5-yr-breakeven-inflation-rates-768x394.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/5-yr-breakeven-inflation-rates-696x357.png 696w\" sizes=\"auto, (max-width: 865px) 100vw, 865px\" \/><\/p>\n<h2>Commodities are Well Positioned<\/h2>\n<p>Commodities have historically provided investors a safe haven to protect against inflation. Investors are in an advantageous position as commodities are the cheapest they have been in the last 50 years relative to US equities.<\/p>\n<h4>Commodities relative to US Equities<\/h4>\n<figure id=\"attachment_23073\" aria-describedby=\"caption-attachment-23073\" style=\"width: 1369px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23073 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/commodities-relative-to-US-equities.png\" alt=\"\" width=\"1369\" height=\"750\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/commodities-relative-to-US-equities.png 1369w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/commodities-relative-to-US-equities-300x164.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/commodities-relative-to-US-equities-1024x561.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/commodities-relative-to-US-equities-768x421.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/commodities-relative-to-US-equities-696x381.png 696w\" sizes=\"auto, (max-width: 1369px) 100vw, 1369px\" \/><figcaption id=\"caption-attachment-23073\" class=\"wp-caption-text\">Source: FT, Longview Economics<\/figcaption><\/figure>\n<p>During this half century commodity bear market there was very little price incentive for new capital spending. US private investment in mining exploration has fallen from $500 billion at the previous peak of the commodity boom (1980) to $50 billion today.<\/p>\n<h4>US Private Investments in Mining Exploration (USD Billions)<\/h4>\n<figure id=\"attachment_23078\" aria-describedby=\"caption-attachment-23078\" style=\"width: 1416px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23078 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/US-fixed-investment-mining-exploration.png\" alt=\"\" width=\"1416\" height=\"750\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/US-fixed-investment-mining-exploration.png 1416w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/US-fixed-investment-mining-exploration-300x159.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/US-fixed-investment-mining-exploration-1024x542.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/US-fixed-investment-mining-exploration-768x407.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/US-fixed-investment-mining-exploration-696x369.png 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/US-fixed-investment-mining-exploration-1392x737.png 1392w\" sizes=\"auto, (max-width: 1416px) 100vw, 1416px\" \/><figcaption id=\"caption-attachment-23078\" class=\"wp-caption-text\">Source: Crescat Capital LLC, Bureau of Economic Analysis<\/figcaption><\/figure>\n<p>Given this low level of investment, the copper market is setting up to be in a large deficit position relative to supply post 2025. Current global mine production and projects in development simply can&#8217;t keep up with the strong demand.<\/p>\n<figure id=\"attachment_23075\" aria-describedby=\"caption-attachment-23075\" style=\"width: 1308px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23075 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-production-vs-demand.png\" alt=\"\" width=\"1308\" height=\"864\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-production-vs-demand.png 1308w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-production-vs-demand-300x198.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-production-vs-demand-1024x676.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-production-vs-demand-768x507.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/copper-production-vs-demand-696x460.png 696w\" sizes=\"auto, (max-width: 1308px) 100vw, 1308px\" \/><figcaption id=\"caption-attachment-23075\" class=\"wp-caption-text\">Source: Wood Mackensie<\/figcaption><\/figure>\n<p>Additionally, in the near term there is a very tight supply\/demand dynamic for copper, with global inventories sitting at decade lows.<\/p>\n<h4>Global Copper Weekly Inventories<\/h4>\n<figure id=\"attachment_23076\" aria-describedby=\"caption-attachment-23076\" style=\"width: 1506px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23076 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/global-copper-weekly-inventory.png\" alt=\"\" width=\"1506\" height=\"824\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/global-copper-weekly-inventory.png 1506w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/global-copper-weekly-inventory-300x164.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/global-copper-weekly-inventory-1024x560.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/global-copper-weekly-inventory-768x420.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/global-copper-weekly-inventory-696x381.png 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/global-copper-weekly-inventory-1392x762.png 1392w\" sizes=\"auto, (max-width: 1506px) 100vw, 1506px\" \/><figcaption id=\"caption-attachment-23076\" class=\"wp-caption-text\">Source: Bloomberg<\/figcaption><\/figure>\n<h2>Hunting for Value<\/h2>\n<h3>Small &amp; Mid Caps Primed for M&amp;A<\/h3>\n<p>This is a very attractive structural macro environment to invest in copper miners, we screened the producer universe for value.<\/p>\n<p>Small &amp; mid cap copper producers are trading at steep discounts relative to large cap producers on every valuation metric. Small &amp; mid trade at a 45% discount on forward price-to-cashflow, 59% discount on forward EV\/EBITDA and 61% discount on forward price-to-sales.<\/p>\n<figure id=\"attachment_23077\" aria-describedby=\"caption-attachment-23077\" style=\"width: 1658px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23077 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-vs-lg-cap.png\" alt=\"\" width=\"1658\" height=\"712\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-vs-lg-cap.png 1658w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-vs-lg-cap-300x129.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-vs-lg-cap-1024x440.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-vs-lg-cap-768x330.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-vs-lg-cap-1536x660.png 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-vs-lg-cap-696x299.png 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-vs-lg-cap-1392x598.png 1392w\" sizes=\"auto, (max-width: 1658px) 100vw, 1658px\" \/><figcaption id=\"caption-attachment-23077\" class=\"wp-caption-text\">Source: Bloomberg Consensus Estimates<\/figcaption><\/figure>\n<p>Given that large cap valuations are nearly double that of small\/mid producers, M&amp;A is one of the most tangible ways for large caps to grow production and enhance shareholder value.<\/p>\n<p>We believe we are on the verge of entering a prolific M&amp;A boom in the sector and investors will be positioned for the most upside by owning small &amp; mid cap producers.<\/p>\n<h3>Small &amp; Mid Cap Copper Value: Sierra Metals &amp; Hudbay Minerals<\/h3>\n<p>Sierra Metals (NYSE:SMTS, TSX:SMT) and Hudbay Minerals (TSX:HBM) trade at a deep valuation discount to their small &amp; mid cap copper peers (which are already very cheap vs. large caps).<\/p>\n<figure id=\"attachment_23083\" aria-describedby=\"caption-attachment-23083\" style=\"width: 788px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23083 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-mid-cap-copper-peers-1.png\" alt=\"\" width=\"788\" height=\"659\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-mid-cap-copper-peers-1.png 788w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-mid-cap-copper-peers-1-300x251.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-mid-cap-copper-peers-1-768x642.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/small-mid-cap-copper-peers-1-696x582.png 696w\" sizes=\"auto, (max-width: 788px) 100vw, 788px\" \/><figcaption id=\"caption-attachment-23083\" class=\"wp-caption-text\">Source: Bloomberg Consensus Analyst Estimates<\/figcaption><\/figure>\n<h3>Sierra Metals (NYSE:SMTS, TSX:SMT)<\/h3>\n<p>Relative to its small &amp; mid cap copper producer peer group, Sierra Metals trades at a 65% discount on forward price-to-cashflow, 58% discount on forward EV\/EBITDA and 35% discount on forward price-to-sales.<\/p>\n<p>Sierra Metals has unique combination of superior production growth (14% compound annual growth rate over the next 5 years) and below industry average cost structure (32nd percentile on the copper industry cost curve).<\/p>\n<figure id=\"attachment_22889\" aria-describedby=\"caption-attachment-22889\" style=\"width: 1390px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-22889 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/12\/sierra-production-growth-outlook.png\" alt=\"\" width=\"1390\" height=\"952\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/12\/sierra-production-growth-outlook.png 1390w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/12\/sierra-production-growth-outlook-300x205.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/12\/sierra-production-growth-outlook-1024x701.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/12\/sierra-production-growth-outlook-768x526.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/12\/sierra-production-growth-outlook-218x150.png 218w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/12\/sierra-production-growth-outlook-436x300.png 436w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/12\/sierra-production-growth-outlook-696x477.png 696w\" sizes=\"auto, (max-width: 1390px) 100vw, 1390px\" \/><figcaption id=\"caption-attachment-22889\" class=\"wp-caption-text\">Source: Sierra Metals<\/figcaption><\/figure>\n<h3>Hudbay Minerals (TSX:HBM)<\/h3>\n<p>Relative to its small &amp; mid cap copper producer peer group, Hudbay trades at a 49% discount on forward price-to-cashflow, 41% discount on forward EV\/EBITDA and 39% discount on forward price-to-sales.<\/p>\n<p>Hudbay is well-positioned on the cash cost curve relative to global copper peers and the company has a strong track record of achieving or exceeding production guidance.<\/p>\n<figure id=\"attachment_23084\" aria-describedby=\"caption-attachment-23084\" style=\"width: 461px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23084 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/hudbay-cash-cost.png\" alt=\"\" width=\"461\" height=\"328\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/hudbay-cash-cost.png 461w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/hudbay-cash-cost-300x213.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/hudbay-cash-cost-100x70.png 100w\" sizes=\"auto, (max-width: 461px) 100vw, 461px\" \/><figcaption id=\"caption-attachment-23084\" class=\"wp-caption-text\">Source: Hudbay Minerals<\/figcaption><\/figure>\n<h3>Large Cap Copper Value: First Quantum &amp; Lundin Mining<\/h3>\n<p>Given the steep discount of small &amp; mid cap copper miners, we believe exposure to large cap copper miners should be muted relative to small &amp; mid cap.<\/p>\n<figure id=\"attachment_23082\" aria-describedby=\"caption-attachment-23082\" style=\"width: 788px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23082 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/large-cap-copper-peers-1.png\" alt=\"\" width=\"788\" height=\"583\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/large-cap-copper-peers-1.png 788w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/large-cap-copper-peers-1-300x222.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/large-cap-copper-peers-1-768x568.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/large-cap-copper-peers-1-696x515.png 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/large-cap-copper-peers-1-80x60.png 80w\" sizes=\"auto, (max-width: 788px) 100vw, 788px\" \/><figcaption id=\"caption-attachment-23082\" class=\"wp-caption-text\">Source: Bloomberg consensus<\/figcaption><\/figure>\n<h3>First Quantum (TSX:FM)<\/h3>\n<p>The company trades at valuation multiples inline with small &amp; mid caps and ~50% discount to its large cap peers.<\/p>\n<p>However one of the challenges for the company is growth, First Quantum is guiding for production growth of 4% from 2021 to 2023.<\/p>\n<figure id=\"attachment_23086\" aria-describedby=\"caption-attachment-23086\" style=\"width: 755px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23086 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/first-quantum-guidance.png\" alt=\"\" width=\"755\" height=\"159\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/first-quantum-guidance.png 755w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/first-quantum-guidance-300x63.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/first-quantum-guidance-696x147.png 696w\" sizes=\"auto, (max-width: 755px) 100vw, 755px\" \/><figcaption id=\"caption-attachment-23086\" class=\"wp-caption-text\">Source: First Quantum<\/figcaption><\/figure>\n<h3>Lundin Mining (TSX:LUN)<\/h3>\n<p>Lundin also trades at a ~50% valuation discount to its large cap peers, it has also been a laggard in terms of price performance over the last year vs its large cap peers.<\/p>\n<p>The company is set to grow copper production by 30% in 2021, however production remains flat out to 2023.<\/p>\n<figure id=\"attachment_23087\" aria-describedby=\"caption-attachment-23087\" style=\"width: 1112px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23087 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/lundin-mining.png\" alt=\"\" width=\"1112\" height=\"491\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/lundin-mining.png 1112w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/lundin-mining-300x132.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/lundin-mining-1024x452.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/lundin-mining-768x339.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/03\/lundin-mining-696x307.png 696w\" sizes=\"auto, (max-width: 1112px) 100vw, 1112px\" \/><figcaption id=\"caption-attachment-23087\" class=\"wp-caption-text\">Source: Lundin Mining<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We are in the early stages of a commodity bull market and copper will be front and center. Small &#038; mid cap copper producers trade at a steep discount relative to large cap producers.<\/p>\n","protected":false},"author":7,"featured_media":23062,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[59],"tags":[76,1683,1684,1796,1794,885,884,1793,1725,846,847,1267,1797,1795,1798,1747],"class_list":{"0":"post-23065","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-metals","8":"tag-copper","9":"tag-first-quantum","10":"tag-fm","11":"tag-hbm","12":"tag-hudbay-minerals","13":"tag-lun","14":"tag-lundin-mining","15":"tag-mining-exploration","16":"tag-nysesmts","17":"tag-sierra-metals","18":"tag-smt","19":"tag-smts","20":"tag-tsxfm","21":"tag-tsxhbm","22":"tag-tsxlun","23":"tag-tsxsmt"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Copper Miners in Focus: Hunting for Value | Capital 10X<\/title>\n<meta name=\"description\" content=\"We are in the early stages of a commodity bull market and copper will be front and center. 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