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The training course will be run twice a day over three mornings to accommodate the Gulf Standard Time (GST) and the Eastern Daylight Time (EDT) and Chilean time giving you the opportunity to choose to join at a time that suits you best.
The agenda will cover:
- Production – mine and smelter fundamentals
• Are the greats discovered? Is the world running out?
• What is the long-run trend in industry grades – and does it matter?
• Where do different technologies and orebody/mining types fit competitively?
- Intermediate & by products – concentrate trade, commercial contracts and mine/smelter balances
• What happened to price participation (and was its demise a good thing?)
• When was the last (and when might be the next) smelting bottleneck? Why does it matter?
• Are dirty/low grade concentrates a problem? How can the industry adjust?
- Copper cathode price setting mechanisms, physical contracts, LME & other exchanges and premiums
• Why are prices set on the LME? Is this a good/bad thing? What are the alternatives?
• Why does the LME provide warehousing? Why don’t producers deliver all of their product to exchanges?
• Why do premiums exist? What drives premiums? What effect to they have on consumers?
• What role does strategic stocking in China play?
• What happens in a squeeze?
- Demand fundamentals – end uses and short & long-run drivers of consumption
• Will the rise of the circular economy significantly dent the demand for primary copper in the long-term?
• Has Chinese demand intensity peaked?
• Do EVs make a material difference?
- Short and Long-run economics (cost structures, price cycle drivers, long-run price formation)
- Strategic issues – Industry structure, strategy and long-run value creation
- ESG Considerations (Carbon, water, governance and stewardship issues)