Antofagasta plc (ANTO) Q4 2024 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:03.817 So good morning and thank you to everyone. 00:00:03.817 -- 00:00:06.962 Welcome to our full year results for 2024. 00:00:06.962 -- 00:00:08.845 I 00:00:08.845 -- 00:00:14.253 think that we have announced today a strong set of financial results 00:00:14.253 -- 00:00:19.381 with rising margins and a balance sheet that supports an attractive balance of dividends 00:00:19.381 -- 00:00:24.667 and investment growth. So before we go into the details of today's 00:00:24.667 -- 00:00:30.734 announcement, and we will cover those, a few words on copper, which I think it's important. 00:00:30.734 -- 00:00:33.817 If we look beyond the sort of short-term 00:00:33.817 -- 00:00:38.943 instability, which is always, I guess, a feature in commodities, there 00:00:38.943 -- 00:00:43.568 is a general consensus on copper's role as the metal of the future. 00:00:43.568 -- 00:00:48.257 Copper is key to electrification and energy security, 00:00:48.257 -- 00:00:54.289 and we see strong drivers of demand ahead with new demand requirements such as AI 00:00:54.289 -- 00:00:56.393 data centers, 00:00:56.393 -- 00:01:01.583 supplementing record levels of spending on more well-established areas such as electrical 00:01:01.583 -- 00:01:03.768 grids and renewables. 00:01:03.768 -- 00:01:08.898 Despite this, the other side of the equation, global supply, is facing rising 00:01:08.898 -- 00:01:14.269 challenges. Copper producers face geological and technical constraints, rising 00:01:14.269 -- 00:01:19.259 capital intensities and permitting delays, as we know, and new deposits are simply not 00:01:19.259 -- 00:01:25.334 being discovered. However, at Antofagasta, our investment case is different. 00:01:25.334 -- 00:01:31.488 We are focused on copper. We offer a balan...