Antofagasta CEO Says `Outlook for Copper Is Very Positive'

Ivan Arriagada, CEO of Antofagasta, discusses the positive outlook for copper prices driven by strong demand from emerging markets, particularly China, and supply constraints. Despite trade tensions, copper demand remains robust, with significant growth expected in renewable energy and electromobility. Antofagasta focuses on capital discipline and developing existing reserves rather than pursuing aggressive M&A. China's economic measures have mitigated the impact of trade tensions, supporting continued demand for copper.

What is the expected short-term price trend for copper according to Goldman Sachs?

• $9000 a ton

• $5000 a ton

• $7000 a ton

• $10000 a ton

Why is the impact of trade tensions on copper demand in China considered limited?

• Most copper is re-exported from China

• China has no trade relations with other countries

• Copper is not used in Chinese infrastructure

• Most imported copper stays in China for domestic use

What is a key reason for the supply constraint in the copper market?

• Lack of demand

• Declining grades of existing deposits

• Abundance of new deposits

• Excessive production

What is Antofagasta's approach to developing its copper reserves?

• Ignoring existing reserves

• Immediate large-scale mergers and acquisitions

• Deliberate and disciplined development

• Rapid expansion without financial planning

What is the expected role of copper in the new economy?

• Decreasing demand in technology

• Replacement by other metals

• Minimal use in renewable energy

• Significant role in clean transport and energy

By how much is the copper demand for electromobility expected to increase by 2030?

• Triple

• Double

• Remain the same

• Tenfold

What percentage of the copper market is expected to be accounted for by electromobility by 2030?

• 10%

• 5%

• 8%

• 2%