Companies / CS
TSECapstone Copper (CS) in our theses
Capstone Copper appears in one of our theses. Below is why it entered the basket and how it has done since publication.
Copper Turned Upside Down: Smelters Pay Miners for Concentrate as Refining Margins Collapse
Negative treatment and refining charges (TC/RCs) shift margins from smelters to pure-play miners with growing copper production.
Why this company: Americas-focused mid-tier producer ramping up Mantoverde; high operating leverage to copper price and tight concentrate sales contracts during raw material deficits.
Where these numbers come from
The reference price is recorded on the thesis publication date and never changed afterwards. The current price is refreshed several times a day. Returns are in the listing currency and exclude dividends, so for dividend payers the real total return was somewhat higher.
This is not a recommendation to buy or sell. A company enters a basket as a beneficiary of the mechanism described in the thesis, and the full argument is on each thesis page.
See all of our theses
Each with a publication date, a causal map and a score assigned before the market ruled.
Open in Invesaro →