Thank you Herbie.  That was the explanation that I was hoping for. 

I thought the last paragraph was interesting: (keeping in mind that it is a year old)

This year’s supply problems may not be evident from the current price of refined copper but they are already in the mix for next year’s price.

I think that "not yet evident" is key comment for copper fox shareholders. I think the same is true for 2021, even with the nice increase in price of copper in 2020, the copper supply problems are not yet factored in the price of copper.  We haven't begun to see a bull market for copper miners.

The world needs a copper price to stay above $3.60 to allow more mines to be built.  I like the following slide from the Copper Fox presentation.