Antofagasta Investor Day
MARKET DYNAMICS FOR COPPER
Supply outlook
• Expected to grow just in line with demand during
2021 and 2022. Logistics constraints stressing
supply chain
• Continued falling grades and increasing ore
hardness. Scarcity of major new projects
• Scrap supply will continue to increase
Demand outlook
• Growth expected, driven by Europe, North America and
Asia ex China.
•
Renewable and electromobility demand key.
Urbanisation continues to drive long-term growth
Next 10 years' CAGR 2.0-2.5% pa. Energy transition.
Mtonnes
30
25
20
15
10
5
0
2005
Mtonnes
30
25
20
15
10
5
0
2010
2005
Refined copper consumption
2015
2015
CAGR
2020-2030 2.3%
2020
2020
2025
2025
2030
2030
ROW
North America
Europe
Asia Ex China
China
Electricity Grid
Renewables
EV
Other uses
Sources: CRU and Wood
Mackenzie analysis
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