Antofagasta's historically high returns on invested capital will evaporate in a world of $2 copper.
We've raised our near-term copper price forecast to better reflect the recent run up in pricing to about $2.70 per pound from $2.10 just six weeks ago. However, we think the price rapid price increase is largely unsupported by fundamentals and will be short lived. In 2016, copper demand, particularly in China, has been stronger than we were expecting but so has supply--enough so that the recent copper price spike is surprising.Although we've raised our near-term price estimates, our long-term p...
Antofagasta is a Chilean copper mining group engaged in the discovery, development and operation of copper mining assets. Co. operates four copper mines in Chile, two of which also produce significant volumes of by-products. In addition to mining, Co. has a transport division that provides rail and road cargo services in northern Chile primarily to mining customers, including to some of Co.'s own operations. Co. is organized into two business divisions based on their products: Mining and Railway and other transport services. The mining division is split by mine and exploration activity. The transport division provides rail cargo and road cargo together with a number of ancillary services.
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