Antofagasta Investor Conference Presentation Deck
Copper market
Fundamentals are strong and supportive of future prices
Supply outlook
• Expected to grow in line with demand during 2022
• Continued falling grades and increasing ore hardness
• Scarcity of major new projects
Stock levels very low and constrained logistics chains
Scrap supply will continue to increase
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Demand outlook
Growth expected, driven by Europe, North America
and Asia ex China. Slower in China
Renewable and electromobility demand key
Urbanisation continues to drive long-term growth
Next 10 years' CAGR 2.0-2.5% pa.
c/lb
550
500
450
400
350
300
250
200
150
Dec 16
Jun 17
Copper price and exchange stocks
Antofagasta plc | 2022 BMO Global Metals & Mining Conference
Jun 18
Dec 17
Stocks LME
Dec 18
Jun 19
Stocks CMX
Dec 19
Jun 20
Dec 20
Jun 21
thuh
Thousand
Tonnes
Stocks Shanghai
Dec 21
1,000
800
600
400
200
0
•LME Price
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