Antofagasta Reports Strong Q1 2026 Cost Performance, Led by Los Pelambres and Centinela Mines

A Reuters analysis suggests that expectations for AI-driven copper demand may be overstated. Although AI data centers consume more copper than conventional facilities, project deployment faces bottlenecks including power availability, grid connections, logistics and labor constraints. Advances in fiber-optic and high-voltage technologies may also reduce copper intensity. AI remains supportive for copper demand, but perhaps not to the extent many bulls anticipate.

Zambia has extended its suspension of export duties on copper concentrates until September 30 to ease stockpile pressure caused by prolonged smelter outages. The measure covers more than 270,000 tonnes of concentrate from major producers including Mopani, Lumwana, and First Quantum. Authorities hope the extension will help maintain supply-chain stability while domestic processing facilities recover.

Chile’s state-owned copper giant Codelco has appointed Jorge Gomez as its new CEO, effective July 13. The appointment follows recent controversy surrounding the company’s production reporting and broader governance reforms. Gomez is expected to focus on safety, profitability, operational control, and sustainability.