In short: Referenced only — the counterparty, not a stance: its El Teniente mine (operating since 1905, life of mine ~2100+) supplies MVC's fresh tailings by gravity under a master agreement to 2037, with a copper/moly-linked sliding-scale royalty now being reset because copper passed the $4.80 (fresh) and $5.50 (Cauquenes) caps. Early-exit windows only for truly "unforeseen" changes.
15:41the fresh tailings, things like that. — Sure. The relationship with Codelco is the angular [stone] or the backbone of our business. Amerigo bought the MVC operation in 2003, and MVC already had more than a decade of operational alignment and experience working with the fresh tailings of El Teniente back in the day, and with time we added as well the processing of historic tailings.
In short: The supply-side casualty in his copper case: the Chilean state miner "is suspending work on a project designed to extend the life of its biggest copper mine after identifying a new source of seismic risk a year after a rock burst killed six workers." His read: "mining's hard. You can't just flip a switch and increase copper production" — and Chilean output, from the world's largest producing country, "is rolling over and heading south."
Codelco is Chile's state copper miner and, historically, the largest copper producer on earth. It has just suspended the project meant to extend the life of its biggest mine, after finding a new source of seismic (earthquake and rock-collapse) risk — a year after a rock burst killed six workers underground.
Polomny uses it as proof of a thesis rather than as a stock view (it isn't investable — the Chilean state owns all of it). Copper demand is forecast to grow for decades, but "mining's hard. You can't just flip a switch and increase copper production." The easy ore has been mined; what's left is deeper, more dangerous and slower to permit, and even the world's biggest producer can't push through it. Chilean output "is rolling over and heading south" — which is bullish for the copper price and for whoever can actually produce the metal safely and cheaply.
34:15And so a waste stream or byproduct value has exploded because of the distortion caused by the war in the Middle East. This is a perfect example of what I'm talking about. So, this is again more issues with copper. Codelco, which is the Chilean national copper mining company, suspends work on life extension
In short: Supply-side evidence, not a stance: "A compounding issue is Chile. As we saw with Codelco Chairman's comments last week, it's a tough slog" — one of the mine-supply constraints (with sulphur/acid availability via Hormuz) behind 2026 copper supply growth that "rhymes with 'hero'."
In short: Cited as historical/jurisdictional context — Chile nationalized copper in 1971 and formed state miner Codelco in 1976; it still runs Chile's biggest mines and anchors world copper supply, illustrating the legacy of jurisdictional risk.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.