What we own

The Group has a 1.525% NSR royalty with Mantos Copper over all copper produced at the Mantos Blancos Mine located in Chile, approximately 45 km from the city of Antofagasta. The Mantos Blancos Mine is an open pit operation which produces copper with silver by-products. The NSR royalty entitlement applies exclusively to copper production at the mine.


As the Group acquired the Mantos Blancos royalty in Q3 2019, 2020 represents the first full year of ownership for Anglo Pacific. Income from the royalty totalled £2.9m in 2020, compared to
£1.0m in 2019.

In total the Group received royalty payments on 41.3Kt of payable copper in 2020. Operations at the mine were impacted by two unplanned stoppages during H1 2020, requiring maintenance and repair remedies to be carried out. Works have now been completed and production levels are back to normal levels.

There was strong upward momentum in copper prices throughout 2020, starting the year at ~US$6,165/t and finishing the year at ~US$7,741/t. Prices have continued their strong run into 2021, hitting a peak of US$9,615/t in late February, and are at US$8,866/t at the time of writing. The key reason for the substantial increase in price during 2020 was due mainly to expectations of a global economic recovery tied to a US fiscal stimulus programme coupled with a vaccine-driven demand recovery. This is bolstered by growing expectation of copperintensive green stimulus across the globe.