Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Chilean copper miner Antofagasta is betting on infrastructure growth, stimulus packages, and green initiatives to strengthen the demand for copper.


Antofagasta’s chairman Jean-Paul Luksic noted that the red metal’s long-term demand is being supported by the increasing adoption of electric vehicles and development of renewable energy sources, during an address to the company’s shareholders during its annual general meeting on Wednesday. He added that the economic stimulus packages announced by governments around the world to improve infrastructure will also boost copper demand and prices.


Luksic added that Antofagasta was also pushing to reduce its carbon emissions further by 2025. The miner announced a short-term target to reduce its greenhouse gas emissions by 30pc over the next four years compared to 2020. According to Luksic, this represented a 730,000mt reduction in emissions in addition to 580,000mt achieved in carbon emission reductions in 2020.


Last year, the company produced around 733,900mt of copper at a net cash cost of $1.14/lb. The miner’s EBITDA increased by 12pc to $2.7bn last year on higher copper prices. 

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