CRU, a metals consultant, sees demand increasing about 40% by 2050 even if cleaner technologies aren’t rolled out aggressively.

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

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

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.

The planned production capacity of the new copper smelter is 300,000 r/y of copper cathodes and 1.8 million t/y of sulphuric acid.

The Chilean peso is up 3.4% in April, the only currency to have risen against the dollar in the month.

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