Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to break down what he sees as a structural capital crunch in copper and a turning point in mine finance. Rule says “the copper industry requires at least $250 billion in capital expenditure over the next 10 years to maintain current levels of output,” arguing that traditional funding sources are falling short.

He explains why Wheaton Precious Metals’ $4.3 billion silver stream with BHP, announced February 17, 2026, may signal a new era of mega-deals, and how royalty and streaming companies could further lower their cost of capital through long-dated bonds backed by existing streams. On Lundin and BHP’s Vicuña project, following the integrated PEA released February 17, 2026, Rule says if the “most exciting copper discovery on the planet” struggles to meet hurdle rates, it may point to copper’s true incentive price.

Rule also contrasts what he calls “the best permitting environment that we've seen in the last 30 years” at the US federal level with the latest legal setback for Alaska’s Pebble project, including a Department of Justice brief filed February 16, 2026.

In this interview, Rick Rule also discusses:
 • Streaming arbitrage and copper’s capital gap
 • Copper IRRs and long-term price signals
 • US permitting signals from Arizona to Pebble

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:51 - Rick Rule Copper Bootcamp: Investing in Copper in 2026
03:45 - Wheaton–BHP $4.3B Silver Stream Deal Explained
09:24 - Franco & Wheaton 20–30 Year Bonds: Lowering Cost of Capital
11:16 - Lundin & BHP Vicuña PEA: 400kt Copper, $7.1B Stage 1 Capex
14:08 - Copper Price Floor? IRR Sensitivity & Argentina Fiscal Stability (RIGI)
17:54 - How Vicuña Gets Built: Case for Another Billion-Dollar Stream
23:19 - Arizona Sonoran Cactus Project: Rio Tinto Exit & US Permitting Shift
26:44 - Pebble Project Legal Battle: DOJ Brief & Community Strategy
34:53 - Elemental Royalty Dividend in Tether Gold Explained
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.