China's 'Assassin Mace': The Hidden Weapon To Win Trade War? | Ian Harris
Speakers
Ian Harris
— CEO, Libero Copper & Gold (referred to as "Copper Giant" in video)
David Lin
— Founder & Host, The David Lin Report / ex-Anchor, Kitco News
Summary
Ian Harris, CEO of Copper Giant (TSXV: CGNT), tells David Lin that copper's tariff-driven volatility masks an intact and strengthening long-term demand story built on electrification, developing-world growth and data centers/AI. He describes China's assassin's mace over smelting, refining and critical supply chains as pressure that will force new supply chains and re-rate mining equities, with copper miners lagging gold. Harris also details Copper Giant's rebrand from Libero Copper, the district-scale Mocoa project, Frank Giustra's backing, a second drill and a planned 2026 PEA ahead of Colombia's elections.
- Copper saw historic volatility around the April 2025 tariff announcements, with rare 4% daily moves, but it stayed above $4/lb as the long-term demand narrative held.
- Harris says electrification, developing-nation demand and doubling data-center/AI requirements keep copper's structural pull intact, with no supply glut.
- China controls about 50% of copper smelting/refining plus rare earths, solar and EV chains (the assassin's mace), which Harris says is forcing new supply chains and will drive mining equities across all metals.
- Mining equities screen as the best cash-flow-versus-valuation sector; Harris expects money to redeploy into them as tariff uncertainty fades, with gold miners already up 30%+ and copper equities seen following.
- Copper Giant (CGNT), formerly Libero Copper, is backed by Frank Giustra and the Fury Group with a buy-and-build strategy centered on the Mocoa porphyry project in Colombia.
- Mocoa hosts about 600Mt and 4B+ lbs of copper near surface in a 10-million-year fertile system with 75km+ of belt, multiple porphyry targets, power lines and road-to-port infrastructure, and no resettlements.
- Copper Giant mobilized a second drill, targets growth beyond 1-2 billion tonnes and aims for a 2026 PEA as Colombia's election cycle is expected to remove the country's risk discount, with re-rating potential from about 1.2 cents/lb in the ground.
Ideas
Copper demand intact; no supply glut.
Harris argues copper's long-term demand narrative has not changed and has likely strengthened even with a slower world economy: electrification, developing-nation growth and especially data centers/AI, where he says copper requirements keep doubling and the race cannot be lost, keep a structural pull under prices. There is no supply glut, and although tariff-driven risk-on/risk-off trading produced historic volatility (4% daily swings, possible 10-20% moves through the year depending on the economy), copper keeps popping back above $4/lb because that long-term narrative persists.
Mining equities to attract redeployed capital.
Harris says mining equities screen as probably the highest-performing sector on cash flow versus valuation and that money will redeploy into them as tariff uncertainty fades; his early indicators (headhunter calls, deal activity, majors signing option agreements and moving into new jurisdictions) already point to a bull market not yet reflected in prices. China's control of roughly 50% of copper smelting/refining plus rare earths, solar and EV supply chains, which he calls the assassin's mace, is forcing the creation of new supply chains that he expects to drive mining equities across all metals, with gold miners' 30%+ gains leading attention and money trickling down to juniors.
Copper miners to follow gold miners.
Harris separates copper price from copper equities and says copper mining equities have not yet reflected the sector's cash-flow strength: with copper, gold and silver prices high or at records and majors' margins the best ever, attention from gold miners' 30%+ gains is spreading across the sector and money is starting to flow down to the juniors, so he does not think copper equities will be very far behind.
Copper Giant's Mocoa project set to re-rate.
Harris pitches Copper Giant (rebranded from Libero Copper, TSXV: CGNT) as a Frank Giustra/Fury Group-backed buy-and-build story around the Mocoa copper project in Colombia, aiming to scale it so majors or partners want to build it. Mocoa already has about 600Mt and 4B+ lbs of copper, is near-surface, sits in a 10-million-year fertile porphyry system with a 5km+ alteration halo, multiple potential centers and 75km+ of the Jurassic belt under control, and has rare infrastructure advantages (two 220KVA power lines, road to a port, no resettlements). The company mobilized a second drill to test bigger step-outs and double news flow, targets growth beyond 1 billion tonnes (ideally toward 2 billion) toward a 150,000 tpd operation, and aims for a 2026 PEA timed ahead of Colombian elections he expects to remove the country's risk discount (the current leftist president cannot run again and projects this size are hard to nationalize). He sees a re-rating from about 1.2 cents per pound in the ground toward the $1-plus in-ground values of advanced projects as the story graduates.
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Speakers: Ian Harris · Tickers: COPPER, XME, Copper mining equities, CGNT