In mid-May, copper prices were at an all-time high amid an environment of tight supply but fell off by June, hurting Chilean copper miner, Antofagasta (LSE:ANTO, Financial). The company was also weighed down by ongoing royalty discussions between the new Chilean administration, whereby the potential tax on the mining companies would enable the government to afford to pay for COVID-19 social funds.
From Bernard Horn (Trades, Portfolio)'s Polaris Global Value Fund second-quarter 2021 letter.
