A slide in copper prices has hit miners hard, with Chilean copper miner Antofagasta no exception; on Tuesday, the company reported a 83 percent slide in pre-tax profits for 2015, sending the company’s shares 10 percent lower in opening trade in London.
Along with other commodities, Copper has seen a 15 percent slide over the last 12 months on the back of decreased demand and oversupply.
Asked whether a recovery in copper prices was on the cards this year, Antofagasta’s Chief Executive Diego Hernandez told CNBC that a rebound was not imminent.
“I think probably not this year. I think that this year we will see prices similar to the areas that we have seen since January and why – because supply and demand is tight but we will see a small surplus and with these market conditions any surplus affects the price,” Hernandez said.