Elliott Investment Management has opened a significant short position against copper mining major Antofagasta, betting £79m on a decline in the FTSE 100 group’s share price, according to a report by The Times citing recent disclosures with the UK’s Financial Conduct Authority.
The hedge fund now holds a short equivalent to 0.52% of Antofagasta’s issued share capital.
While Elliott is best known for high-profile activist campaigns aimed at reshaping corporate strategy or breaking up underperforming conglomerates, the position in Antofagasta highlights the firm’s willingness to take tactical, directional trades when market conditions align.
The short could reflect bearish sentiment on the broader commodity cycle, concerns over copper price volatility, or a more targeted view on Antofagasta’s operational or geopolitical exposure, particularly given its concentration in Chile — a region that has faced increasing regulatory scrutiny and political uncertainty.
For hedge fund watchers, the bet raises broader questions about Elliott’s evolving strategy, particularly as it shifts between activist campaigns and opportunistic trading in key sectors.
Elliott’s position in Antofagasta adds to a growing list of London-listed companies that have found themselves in the crosshairs of the Florida-based fund, whether through activist agitation or more discrete trading moves. While the firm hasn’t publicly disclosed its rationale, the short adds fuel to ongoing debates around the outlook for mining equities amid macroeconomic headwinds and shifting global demand for critical minerals.
