SANTIAGO, April 15 (Reuters) - Growing demand for copper

along with supply constrictions could push prices higher than

last year in 2024, the head of Chilean miner Antofagasta ( ANFGF )

said.

Speaking ahead of the World Copper Conference that begins on

Monday, Antofagasta ( ANFGF ) CEO Ivan Arriagada said an improving global

economy plus the increasing need for the metal used in electric

vehicles, solar panels and other elements key to the energy

transition created a favorable scenario.

"The trajectory we foresee is towards higher levels," he

said in an interview last week, compared with last year's prices

that he said were in the range of $3.80 to $3.85 per pound.

Analysts have forecast a deficit from this year on signs

that supply may not be as robust as previously thought after

Panama ordered the closure of First Quantum's

350,000-metric ton mine and producers Anglo American and

Vale Base Metals both lowered their guidance for 2024 and 2025.

Arriagada also said boosting supply would be a challenge.

Antofagasta, Chile's biggest copper miner after state-run

Codelco, is aiming at organic growth through existing projects,

although Arriagada said he did not rule out the possibility of

acquisitions, as long as they are in the Americas.

Antofagasta ( ANFGF ), which is listed on the London Stock Exchange,

bought a 19% share in Peru's Buenaventura late

last year, and two Antofagasta ( ANFGF ) executives recently joined the

Buenaventura board. The Peruvian company is looking at

transitioning to copper production at some of its gold mines

where reserves are diminishing, Arriagada said.

In Chile, Antofagasta ( ANFGF ) expects to increase production at its

flagship Pelambres mine due to a new desalination plant, and

begin operations at the Centinela concentrator in 2027, projects

that Arriagada said will help lift production to about 900,000

metric tons from this year's outlook of 670,000 to 710,000

metric tons.

"There could be more investments in the future that

eventually help us have more production, but for now, this is

our focus," Arriagada said, noting the importance of boosting

production to mitigate the year-by-year deterioration of copper

ore grade.