Antofagasta Results Presentation Deck
800
600
400
COPPER PRICE AND INVENTORIES
Inventories
Prices
200
O
NEAR TERM OUTLOOK
Recent decline in global demand and economic outlook in
China. Expectations for China to announce additional stimulus
package.
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Copper market
Long term fundamentals supportive of future prices
kt
Realised prices have stabilised in 2023 following an increase in
volatility in 2022, related to the Russia-Ukraine conflict and
tightening of monetary policy in most developed markets.
Jun
2018
12
Dec
2018
Jun
2019
Dec
2019
Jun
2020
Dec
2020
Jun
2021
Dec
2021
Source: S&P Global, "The Future of Copper" Report, July 2022.
Source: Cochilco.
Jun
2022
$/lb
Avg. H1 2023
$3.95/1b²
Dec
2022
Jun
2023
LO
5
4
3
2
1
DEMAND OUTLOOK (LONGER TERM)
Global shift towards decarbonization and growth in clean
electricity expected to drive growth in demand.
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ANTOFAGASTA PLC
Global copper consumption expected to increase from
25Mt to 53Mt between 2021 and 2050, with modelling of
climate scenarios indicating a potential 9.9Mt shortfall of
refined copper by 2035.¹
SUPPLY OUTLOOK (LONGER TERM)
Global copper supply faces increasing headwinds such as
grade decline, supply disruptions, climate-change risks,
delays to permitting processes and inflationary
environment making projects more challenging.
Antofagasta plc | 2023 Half Year Results
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