PROJECT FINANCE

Is now the right time to launch a large capital project?

After several years of low prices, commodities seem to be heading toward a more positive part of the cycle. Consequently, we expect to see a new wave of capital expenditure investment in the industry. Capex in the copper industry, for example, has lagged behind price over the past 25 years, and will likely pick up with the recovery.

Helen Quirke and Pierre-Yves Galopin*
Is now the right time to launch a large capital project?

Project investments follow pricing cycles, but capex intensity (how much money must be invested to produce one tonne of metal) also increases with other factors—such as lower grades of deposit and higher...

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