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Antofagasta: Chilean Copper Miner Facing Domestic Headwinds

Mar. 26, 2023 12:05 AM ETAntofagasta plc (ANFGF)AAL, AAUKF, FCX, FM, NGLOY, SCCO3 Comments
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ZMK Capital


  • Antofagasta is a UK-listed copper miner, producing 650kt annually.
  • Chile is currently navigating a wave of political change likely to impact the world's largest copper producer.
  • At 25x forward, it seems like a hefty price to take on so much concentration and country risk.

Wire Rod


General Overview

For any money manager interested in exposure to the king of battery minerals it is hard to go past Chile. The country is home to two of the largest copper mines in the world (Escondida and Collahuasi) and churns

World copper production

International Copper Study Group

Chilean copper production

Trading Economics

Copper prices

Trading Economics

Portfolio of assets


Group production data


Revenue waterfall


This article was written by

ZMK Capital profile picture
ZMK Capital is a Southeast Asian based prop trading desk focusing on long/ short macro set ups globally. Additionally, the desk publishes equity specific research, ETF overviews, earnings plays and macro-economic analysis. Current focal points include the global energy market, natural resources, macro-economics, interest rates and Fx. Beyond managing money in these markets, interests include data science linked to securities markets, game theory & professional sports.Feel free to direct message ZMK if you are interested in being part of a community of prop traders, investors & money managers.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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