Copper in focus at FT Metals & Mining Summit 2026

Duncan Wanblad on copper growth, scarcity and resilience

Duncan Wanblad, CEO of Anglo American, joined Camilla Hodgson, Commodities Correspondent at the Financial Times, for a keynote interview covering the proposed combination with Teck Resources, copper market dynamics and building resilience for the long term.

Reiterating the strategic rationale for the proposed merger, Duncan highlighted the transaction’s compelling value creation opportunities in copper, noting that the neighbouring Collahuasi and Quebrada Blanca operations in Chile in particular offers “one of the world’s most amazing adjacencies in the context of what we’re all trying to achieve in terms of copper growth.”

Turning to the copper market, Duncan said the outlook was as much about constraints on supply as it was about growing demand: “I don’t think this is just a demand story. It’s probably as much of a supply story. The long and short of it is that there’s real scarcity of supply.” He pointed to the scarcity of resources, the time required to secure permits and the cost of bringing new resources into production as factors that need to be reflected in copper prices over the long term.

The discussion also explored emerging sources of copper demand. Asked whether technology companies were increasingly in dialogue with the mining sector as a means of securing direct access to raw materials, Duncan said: “It’s high on the minds of most people downstream, particularly in the newer sources of demand, such as data centres and AI. Those conversations are absolutely happening.”

Paul Gait on the economics of future copper supply

Paul Gait, SVP, Strategy, joined a panel discussing the dynamics of copper and who gets supply in a tightening market, where he touched on themes of copper pricing, investment and the availability of future supply.

Paul argued that headline copper prices need to be considered alongside the rising cost of developing and operating mines, saying: “We have to really consider the price relative to the capital and operating cost intensity of the industry. And if you look at it on those terms, we’re nowhere near all-time highs.”

Looking further ahead, he said the real challenge was the depleting supply of an essential metal and, in particular, “the ability of the industry to replenish the reserve base that stands behind production.”

Thinking about the options to help secure future supply and maintain production at the required levels over the long term, Paul said it was important to consider the role of joint ventures, risk sharing and alternative financing approaches, particularly with development lead times becoming longer and capital requirements increasing.

Tzveta Tchorbadjieva on Latin America’s investment opportunity

Tzveta Tchorbadjieva, Interim CEO of Anglo American in Chile, joined a panel exploring competition for capital across Latin America’s copper and lithium sector.

Tzveta highlighted the region’s significant mineral resources, while stressing that geology alone is not enough to attract long-term investment: “In order to be comfortable to make an investment that will last decades, you will look at the resource, but you will also ask: Can you transform it into a safe, sustainable business that will deliver for decades?”

Tzveta also emphasised the importance of collaboration in areas such as infrastructure and water stewardship: “There is room for a lot more creative thinking and a lot more collaboration rather than individual solutions.”

Delivering the minerals the world needs

Across the Summit, discussions reflected the significant opportunity created by strong long-term demand for essential minerals, while delivering on that opportunity will require long-term thinking, disciplined investment, strong partnerships and resilient businesses.