Mongolia defends plan to tap mining riches for new sovereign wealth fund

The metal has reclaimed the $10,000 threshold for the first time in two years.

It's especially interested in nickel, cobalt, zinc and other metals, provided the government guarantees a stable business environment.

Antofagasta, which operates copper mines in Chile, last tapped global debt markets in 2022 when it sold $500 million in 10-year bonds.

Despite bullish long term forecasts, the metal has been languishing near two-year lows as demand fails to keep pace.

The company’s reputation is in tatters after a series of missteps sent its value plunging by half. And now industry heavyweight BHP is moving in.

The deal worth about $39 billion would involve Anglo exiting its platinum and iron ore assets in the country.

EVs could reach 17 million in 2024, accounting for more than one in five cars sold worldwide, according to the International Energy Agency.

"We have to take advantage of this super-cycle of copper that has been spoken of positively in recent days," Boric said on Thursday.

China is the biggest billion consumer and its buying trends can have bearing on global prices.