Galileo Resources PLC (AIM:GLR, FRA:2GA) chairman Colin Bird has reiterated his view that copper will become the 'new oil' due to the need to halt global warming.
“Uncertainty generally brings extreme caution, but your board remains of the view, that the opportunities presented by the global warming prevention requirements are tantamount to an industrial revolution and that copper will become the oil of the early 1970s”.
Bird added: “We are very excited about our position in Botswana and feel the propensity for success is very high, compared to our peers.
“Our portfolio of projects are all at an interesting stage, in good jurisdictions and in commodities which are forecasted to show strong price growth, particularly copper.
“Against all of these uncertainties the company will use best endeavours to deploy its cash resourcefully, whilst being mindful of the fact that next year might present a very different mining investment climate.”
Bird in particular said he wanted to increase the copper portfolio to “be in the right place when the acquisition frenzy inevitably commences, which we expect to be during 2023”.
Galileo has projects in the Kalahari copper belt in Botswana, at Star Zinc and Kashitu in Zambia, Glenover in South Africa and Ferber in Nevada.
Galileo posted a profit of £88,000 in the year to 31 March. In June it raised £2mln and this month a further US$1.5mln through the sale of nine Kalahari licences to Sandfire resources.