Episode Details

Aurora Davidson, president and CEO of Amerigo Resources, says copper prices near $6 per pound still fall short of incentivizing large-scale new mine development, underscoring how tight the global supply picture remains. Speaking with Kitco Mining at the VRIC 2026, Davidson said, “it doesn’t offset the risks involved in developing new copper mines,” pointing to high capital costs, long timelines, and permitting challenges that continue to slow new supply.

Davidson said tailings reprocessing stands out as one of the few practical, near-term ways to increase copper output, allowing producers to extract value from existing operations rather than build new mines from scratch. She explained that Amerigo delivers steady copper production by processing fresh and historic tailings from Codelco’s El Teniente mine, using scale and location to operate efficiently even in a capital-constrained industry.

She also highlighted Chile’s permitting bottlenecks as a growing constraint on future copper supply, noting that delays have become a critical issue for the sector. For Amerigo, Davidson said the focus remains on meeting production guidance, protecting margins, and returning capital to shareholders as copper markets and investment conditions continue to evolve.

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00:28 - Amerigo’s Tailings-Based Copper Business Model
00:54 - MVC Operations and Long-Term Partnership in Chile
04:03 - How Tailings Reprocessing Works at El Teniente
05:43 - Copper Prices, Supply Constraints, and Tailings Opportunity
10:07 - Capital Returns, Dividends, and Share Buybacks
17:51 - Chile’s Permitting Challenges and Copper Outlook
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