Latin America Copper Watch

BHP Leadership Transition

• 🔥 Americas Chief Named New CEO: BHP's Americas chief is to become the new CEO as copper contributed the largest share...

BHP leadership shift spotlights LatAm copper:

• Americas chief Henry to become new CEO, overseeing $6.8B project with Rio Tinto stakes
• Copper tops...

BHP aggressively expands Escondida via new concentrator submission to Chile regulators:

• $5.15bn investment to replace Los Colorados plant
• Costs vary: $5bn or up to $8.3bn
• Amid Australia policy misgivings, underscoring Chile strategy shift

Project Developments

• 🔥 BHP Escondida Upgrade: BHP has initiated environmental permitting for a $4.4-5.9 billion concentrator at Escondida mine...

Key tech upgrade at El Pachón: This $9.5B copper project (400kt/year capacity) is integrating Andes Levers' exoskeletons since May 2025, with worker...

Key implications for BHP's Chilean copper ops:

• Craig's Americas expertise: New CEO (July 1) led BHP's Americas division, prioritizing growth in...

Major capex signals BHP's commitment to Escondida, world's largest copper mine:

• $4.4-5.9B new concentrator replaces ageing Los Colorados, part of...

Key operational risks at Codelco exposed:

• January output crashed to 91,000 tons – 47% below Dec's 172,300-ton peak, lowest since 2023 lows.
  -...

Strategic M&A entry: Fortescue completed its acquisition of Alta Copper on March 9, 2026, gaining full control of the Cañariaco project in northern...

Southern Copper (major Peruvian producer) outperformed the Mineral Resources sector (+2.01%) with a 3.49% gain today.

Key drivers:

• Copper prices...

• Jesus Fernandez named Trafigura's Head of Mergers and Acquisitions
• Operates world's largest zinc and lead smelting business
• Significant fuel retailer across Latin America

Key for LatAm copper chains: Signals ramped-up M&A in commodities trading.

Strategic push into Chile's copper hub:

• Acquires additional 5% interest in Caserones copper-molybdenum mine
• Plus 30.9% stake in related entity
• $215M deal announced Tuesday
  Bolsters Lundin's production footprint in key Latin asset.

Project Partnerships & Offtakes

• 🔥 Mitsui Secures 40% Offtake from Josemaria: Mitsui & Co. purchased the right to offtake 40% of the copper...

Financing milestone via offtake for Vicuña district consolidation:

• Mitsui buys 40% copper concentrate rights from Josemaria deposit through public...

New policy signal: Chile and US signed a joint statement to discuss rare earths and critical minerals, with first meeting in two weeks.

Key...

District consolidation via M&A: Lundin acquires JX's 30.9% stake in NGEx's Los Helados copper-gold project.

• NGEx retains majority control and...

SCCO underperformed sector (down 3.11% vs. +1.35%) amid copper price fall of 1.20%.

• Analyst downgrades to Sell/Underperform cite stretched...

• Lifts Caserones stake and buys into Los Helados in key Chile deal
• Expands footprint in emerging Chilean copper hub for greater optionality
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Anglo American reported Q4 2025 earnings and revenue surpassing estimates, positioning it as a Jefferies top copper stock pick alongside Deutsche Bank's Buy rating. Strong momentum for this major producer.

Chilean Policy Reset

• 🔥 Kast Inauguration: Chile’s mining sector faces a policy reset as President José Antonio Kast took office, merging the...