Colin Joudrie says copper’s supply deficit looks structural, not temporary, and argues Selkirk Copper’s Minto restart is benefiting from a stronger copper tape, a cleaned-up capital structure, and an unusually large drill program that has expanded the known mineralization. Near-term focus is on dewatering, site readiness, permitting, and upcoming resource/PEA work.
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This interview centers on Colin Joudrie of Selkirk Copper discussing both the copper macro backdrop and the company’s Minto mine restart plan in Yukon. Joudrie argues that copper’s price strength reflects a deeper structural shortage driven by years of industry underinvestment, aging mines, and delayed supply additions. He highlights negative TCRC’s as a rare sign of extreme tightness in the copper market and says the current supply-demand dynamic could persist for 5 to 10 years. On Selkirk Copper, he frames Minto as an underloved, previously mismanaged former copper-gold-silver producer that was acquired out of bankruptcy and now has a cleaner balance sheet, a supportive Yukon government, and a controlling partnership with the Selkirk First Nation. …
Near term, the setup is tactically constructive for copper developers with visible catalysts, but this remains an execution story until assays, the resource update, and the PEA land cleanly. The main near-term risk is that strong copper prices create complacency before restart work is fully de-risked.
Over the next few months, the likely path is continued de-risking if drilling, the resource update, and the PEA all reinforce the expanded Minto model. If permitting visibility and financing progress also improve, the market may re-rate the story as a credible restart candidate rather than just an exploration turnaround.
Structurally, the interview argues that copper is entering a prolonged undersupply regime created by years of underinvestment and slow mine replacement. If that proves right, near-term production assets and restart stories could remain strategically important for years, not just through this cycle.
Copper’s current strength reflects a longer-term supply deficit caused by underinvestment and aging mines.
He says the industry underinvested for years, mines are aging, and planned production has not materialized.
Negative TCRC’s are a historic sign of extreme tightness in the copper market.
He states this is the first time in copper-market history he has seen negative TCRC’s.
The copper supply-demand backdrop could stay favorable for 5 to 10 years.
He explicitly frames the dynamic as a multi-year structural condition.
How does the current copper price environment affect the outlook for new copper projects and near-term producers?
Colin says the strong copper price is a positive sign driven by long-term underinvestment, aging mines, and supply shortfalls. He argues near-term producers are in a good position, while it may take time for higher prices to pull new supply forward.
Do you think the copper price strength is temporary or part of a longer structural shortage?
He believes the shortage is structural rather than temporary, citing the long lead times to permit and build new mines. He expects the positive supply-demand dynamic to last for at least the next five to ten years.
What is the origin story of the Selkirk Copper project and why did you commit so much to it personally?
Colin says he saw a rare opportunity to unlock value in an underloved, underattended former producer. He explains that the project had gone bankrupt, was acquired out of bankruptcy, and that he chose a high-ownership approach by investing his own capital and deeply committing to the turnaround.
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