Chilean mining giant Antofagasta’s CEO, Ivan Arriagada, has stated that the recent US tariffs have sparked a potential risk for metal demand, particularly copper, although demand from data centres, renewable energy and AI could potentially compensate for any losses from traditional sectors.
Arriagada noted that the resilience of the copper market could withstand the trade war’s effects, reported Reuters.
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He stated that Chile, as the world’s leading copper producer and a significant supplier to the US, may evade these tariffs due to its trade surplus with the US and its status as a free-trade partner.
During the CESCO copper conference in Santiago, Arriagada also highlighted the limited supply of copper, essential for construction and the transition to a greener economy.
Arriagada suggested that Trump’s policies may create a more favourable investment climate for mining.
“In the current environment, where there is a lot more support for mining investment, it should be easier and should happen,” Arriagada said, although he acknowledged the absence of tangible progress.
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By GlobalDataAntofagasta, with operations across four mines in Chile and a development project in the US, aims for a production target of 660,000–700,000 tonnes (t) this year.
The company’s Twin Metals project in Minnesota faces legal challenges regarding permits, but Arriagada remains hopeful.
The US exempted steel, aluminium and copper from reciprocal tariffs, effective from 5 April 2025.
The US administration is currently considering additional tariffs, although no specific measures for copper have been announced.
In anticipation of Trump’s tariff announcement, US clients have been stockpiling resources.
Arriagada revealed that Antofagasta sent a modest additional amount of copper to the US, without disclosing specifics.
In March 2025, copper prices surged more than 5% in New York, outpacing global benchmarks, after President Trump announced a possible 25% tariff on metal imports.
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