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Rob McEwen of McEwen Mining (TSX:MUX,NYSE:MUX) and Michael Meding of McEwen Copper sat down to speak about the outlook for gold and copper, as well as news from their respective companies.
For McEwen, the price trajectory for both metals is ‘higher,’ although copper’s gains won’t be immediate.
When it comes to gold, he has a long-term price target of US$5,000, and although the metal is well below that level, McEwen believes it’s moving in the right direction with strong reasons to buy backing it up.
He also discussed the disconnect between the gold price and gold stocks, commenting, ‘I find this is the time to be buying, and I have been buying juniors and adding to positions in companies. You just need to bear in mind it’s cyclical, and when it wants to run there are some very attractive gains to be made — and the stocks are cheap right now.’
For his part, Meding shared updates on McEwen Copper’s Argentina-based Los Azules copper project.
The company is looking to raise $100 million to move forward at the asset, whose backers include carmaker Stellantis (NYSE:STLA) and Nuton, a Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) venture. According to Meding, the plan is to release a feasibility study for Los Azules by the first quarter of 2025.
‘There is a very interesting demand scenario coming up for copper, and I think that Los Azules is the right project at the right time — lots of additional blue sky,’ he said, noting that the limits of the orebody haven’t yet been found.
McEwen’s closing words focused on strategy. ‘The mining sector has been ignored. It’s often been said that contrarian investors make money in the market. Now’s the time to be a contrarian — buy what’s ignored,’ he said.
Watch the interview above for more from McEwen and Meding on gold and copper.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.