Global Metals & Mining: Takeaways from GS Global Copper Week 2026

Research evidence excerpt

Global Metals & Mining: Takeaways from GS Global Copper Week 2026

Equity Research

6 July 2026 | 11:29AM BRT

We hosted our annual Global Copper Week from Jun-29 to Jul-1, hosting C-levels Marcio Farid

+55(11)3371-4580 |

from 10 global copper producers, including Antofagasta, Capstone, Ero Copper, marcio.farid@gs.com

Goldman Sachs do Brasil CTVM S.A.

First Quantum, Freeport, HudBay, Lundin Mining, Southern Copper, Teck (not

Matt Greene

covered) and Vale Base Metals (subsidiary of Vale). +44(20)7051-0489 |

matt.greene@gs.com

Goldman Sachs International

The discussions highlight a constructive copper outlook driven by structural supply

Nick Cashscarcity, declining grades, infrastructure constraints and disciplined capital +1(212)357-6372 | nick.cash@gs.com

allocation. Across producers, growth is concentrated in brownfield expansions, Goldman Sachs & Co. LLC

Emerson Vieiraselective greenfield projects and technology-led productivity gains such as leaching, +55(11)3372-0256 |

automation and processing upgrades. emerson.vieira@gs.comGoldman Sachs do Brasil CTVM S.A.

Henrique MarquesKey catalysts include Antofagasta’s Centinela expansion, Capstone’s Santo Domingo +55(11)3371-0778 |

decision, First Quantum’s Cobre Panama resolution, Freeport’s Grasberg ramp, Ero henrique.marques@gs.comGoldman Sachs do Brasil CTVM S.A.

Copper’s Tucuma ramp up and Hudbay, Lundin, Southern Copper, Teck and Vale Riccardo D’Agata

advancing major copper pipelines. Management teams emphasized balance sheet +44(20)7051-0958 | riccardo.dagata@gs.com

discipline, social license focus, cost control and partnerships as essential to Goldman Sachs International

delivering growth while managing inflation, permitting, execution and funding risks.