In short: Referenced only — a belt neighbour: Kansanshi (~1 Bt, new S3 sulfide lens adding ~40 years) and Sentinel (just under 1 Bt), both on the Lobito line; after losing Cobre Panama its focus is back on Kansanshi. It once held and drilled the Dumbwa ground (21 holes hit sulfide copper).
32:08Is that the — Yeah, and Cobre Panama, right? Of course, they lost Cobre Panama two years ago. So, that has put all their focus back on Kansanshi, but Kansanshi is amazing. It's a billion tons. They just opened up something called the S3, which is a brand new sulfide lens. They've extended, I think, 40 years of mine life, so that's going to keep going, but that's a billion ton deposit.
In short: Operator of Cobre Panama, the copper mine closed ~two years ago "for a very bizarre reason" right as it started; he thinks a restart is almost certain — framed as the catalyst for Franco-Nevada's stream, not a view on First Quantum's shares.
42:19But if gold holds here in the 4,000s a lot of that option value is going to kick in. There's another special situation with Franco that I think is really interesting, is that 20% of their NAV was in a mine called Cobre Panama which is a copper mine operated by First Quantum in Panama. Without going into the details, for a very bizarre reason, the mine was closed, I want to say about two years ago, right as it was getting started. It's almost certainly going to be restarted.
In short: "You should own the First Quantums." Its Panama copper mine is "a dream" — copper near the surface (low capex), five minutes to the ocean — yet shut on environmental rules: the regulatory supply-suppression that, against robot/grid/data-center copper demand, is the thesis.
First Quantum is a copper miner whose flagship is a Panama mine he calls "a dream" — the copper sits near the surface (cheap to dig) and is five minutes from the ocean (cheap to ship) — yet it was shut down on environmental rules. That's his whole copper thesis in one mine: the best deposits on Earth are being suppressed by regulation just as demand explodes (100 million robots, rebuilding war zones, a $2 trillion US grid rebuild, thousands of data centers). Suppressed supply + soaring demand = own the copper miners.
17:14They shut it down. Environmental rules. So what's happened is we have an earth, a planet earth that is so offsides right now. The capex for the data centers, all this spending on the power grid for the data centers and all this — wars are inflationary because you have to rebuild right? You're going to have to rebuild much of Iran. Yeah. And so what that does is it creates this huge demand for copper at the same time we've suppressed the supply and that's
In short: Supply-loss exhibit — its Cobre Panama mine has been shut since late 2023, removing ~350k tons (~2% of global copper) from the market.
First Quantum owns Cobre Panama, a giant copper mine that's been shut down since late 2023 (a government/legal dispute). That took roughly 350,000 tons of copper — about 2% of the entire world's supply — off the market in one stroke. Prins isn't rating the stock; she's using it to show how easily big chunks of copper supply can vanish, which tightens the market.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.