"But the price of copper is up on account of lower supplies, principally from Chile."

Understood- that short upward POC fluctuations reflect production problems leading to transient anticipation of lower supplies. Not in itself a long term trend. But I do believe that within the up and down fluctuations there is a long term upward trend- mostly based on changing technology- mainly the transition from internal combustion power to electrical power. But short term disruptions can have another effect- namely to drive producers to safer venues-i.e. Cochise County- despite current Covid problems even there. No matter how rich a mine- it doesn't do anyone much good if it's closed down or confiscated/appropriated due to labor unrest, political upheavals or infrastructure disasters- not only in places like Chile, but also in Indonesia, Venezuela or other similarly dicey places. It makes nice, boring Cochise County, despite Covid, drug smugglers, and environmentalists- look pretty good in comparison. Hopefully these disruptions will school miners in the relative attractiveness of investing or partnering at placid Hay Mountain.