It is not good for the near-term  Supply and demand factors will be a drag on majors going forward.  However, explorers who can demonstrate access to rich ore always survive periods such as this.  If anything, this story underlines the futility of trying to pursue partnerships with major producers without having first proved access to ore-grade material by partnering with a junior.  Explorers will remain active going forward, while majors will continue to cut production and put plants on care and maintenance. 

"...we no longer believe a market deficit will develop in this market by the mid-2020s."

https://www.mining-journal.com/covid-19/news/1387001/cru-says-copper-deficit-story-is-dead