Morning Bites (part 1)

⛏️ Codelco has halted its expansion of the El Teniente copper mine amid new seismic risks, revealed by geotechnical study, Bloomberg reports, citing a company statement. The decision is based on data collected over the past six months, pointing to a seismic phenomenon

Although Codelco has not yet officially announced a timeline, a union leader does not expect the development of the mine’s Andes Norte section to resume before mid-2028, raising concerns over the long‑term mining profile. To recap, a rock collapse at El Tentiente’s (~1.5% of global mined Cu supply in 2025) deep underground levels already caused a fatal accident in mid-2025

We maintain our bullish view on copper, amid both short‑ and long‑term supply issues, growing global demand for renewables and surging investments in China’s grid infrastructure (~8% of global Cu demand, on our numbers)

#copper