Both Anglo American and Antofagasta have reported drops in production due to water availability issues exacerbated by a historic drought that's affected the country for more than a decade.
The Russian invasion of Ukraine, covid-related supply chain disruptions, and rising inflation have all fuelled a narrative that the clean energy transition will be highly inflationary.
Miner renewed its nickel hedging program in 2022 to protect against huge price swings, but ended up losing out on $75 million in potential gains from the metal’s unprecedented rally.