When copper was flying high last year and warehouse levels were extremely low, many analysts were predicting a major deficit in the short-term and continued buoyed prices.

Now the opposite is true and the prediction is for a further decline in copper prices.

The first prediction didn't turn out to be correct, perhaps the second won't either. Either way, short-term copper prices won't ultimately determine Schaft Creek's worth unless EE allows it, which is doubtful. We're more focused on where copper prices will be trending as we approach 2020, when Schaft will be in production.