00:00What is the impact of tariffs on the copper business of Anglo-American or is it just very difficult to keep track of the news flow there and very difficult to say?
00:09We've had some developments overnight that suggest refined copper is excluded from U.S. tariffs.
00:14Indeed. Look, there's an enormous amount of volatility, not only in copper, in many of the metals on the market at the moment relative to what's actually going on with tariffs and where they're ultimately going to land.
00:29And as far as copper is concerned, I think what we really are seeing here is the short-term rectification of what was a really big arbitrage between where finished goods found themselves just in anticipation of the tariffs, so either in U.S. markets or in European markets, et cetera, et cetera.
00:48And so that's going to take a little bit of time to unravel.
00:53I think more fundamentally for us, though, you know, as we look at the business with the time frame of the of the assets that we that we have under management, you know, we have to set ourselves up for for for long run outcomes, not not short run outcomes.
01:07But the short run, the short run is very, very noisy in terms of what happens to metal prices long term.
01:14You know, the fundamentals for copper remain absolutely fantastic.
01:17There's there's going to be great demand for the metal in terms of the energy transition particularly.
01:23But but there's also going to be a real squeeze on supply as it certainly takes a lot longer to bring to bring projects into play.
01:31So, yeah, short term volatility, long term, long term stability, I think.
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