The shortage is not a 2040 problem.
It has already started upstream.
The copper concentrate market is already tight: spot treatment and refining charges have turned negative — smelters now pay miners, not the other way round. The structural gap comes next: S&P Global expects mined supply to peak in 2030 and demand to rise 50% to 42 million tonnes, opening a shortfall of 10 million tonnes by 2040, a quarter of global demand. Antarumi Capital is an independent advisory firm serving natural resources, energy, and infrastructure clients in the sectors that will carry the energy transition. Capital structuring, project finance, and strategic advisory, delivered from Lima to institutional standards.
Sector Focus
Metals & Mining
Copper, gold, and polymetallic assets across the Andean belt — from producing operations to development-stage projects. Concentrate commercial terms, offtake structuring, and asset evaluation grounded in operating reality.
Energy
Generation, transmission, and industrial electrification. We advise energy-intensive operators on the transition from diesel to grid and renewable supply — the single largest cost and emissions lever available to them.
Infrastructure
The logistics, power, and processing infrastructure that natural resources depend on. Structuring and financing the assets that connect production to markets.
Rooted Where the Copper Is
Antarumi Capital is headquartered in Perú by design, not convenience. Perú sits at the center of the global copper trade: it is China’s second-largest supplier of copper concentrate, delivering roughly a quarter of everything China imports — and China’s smelters, in turn, take more than seventy percent of Perú’s copper exports. In the market that will decide the energy transition, this country is not peripheral. It is core supply.
Being here is the firm’s structural advantage. Led by a Peruvian Managing Director with two decades in international banking, Antarumi holds working relationships that reach from Lima’s boardrooms and ministries to the operators and communities of the producing regions themselves. In a sector where access determines execution, those relationships cannot be built from a desk abroad — and they are the reason the firm is positioned where the opportunity is, at the moment the deficit makes it matter most.
Advisory Services
Capital Structuring & Raising
Design of equity and debt structures for projects and operating companies, and disciplined execution of the raise — from investment thesis to term sheet.
Project & Acquisition Finance
Bankable financial models, lender-grade documentation, and financing processes for development projects and acquisitions.
M&A & Strategic Advisory
Buy-side and sell-side advisory, partnership structuring, and strategic options analysis for owners and boards.
Credit & Financial Analysis
Institutional-standard credit analysis and rating-methodology assessments that prepare clients for banks, funds, and export credit agencies.
Insights
The structural copper deficit: what a 10-million-tonne gap means for asset values
Global demand projections point to a widening supply gap through 2040 while mined supply approaches its peak. What this means for producers, processors, and the capital behind them.
ReadMining electrification: the economics of leaving diesel behind
For off-grid producers, power is often the largest controllable cost. The path from diesel to grid connection and renewable PPAs, and how to finance it.
ReadFormalized small-scale mining: Peru’s overlooked supply base
A significant share of Andean production comes from formalized small producers with limited access to global markets. The infrastructure and capital gap is the opportunity.
ReadThe Firm
Antarumi Capital is a boutique advisory firm headquartered in Miraflores, Lima, serving natural resources, energy, and infrastructure clients across the Americas. The firm combines the discipline of international capital markets with a depth of local access that global institutions cannot replicate — working relationships with businesses, decision-makers, and operators that extend from Lima’s boardrooms to the producing regions of the Andes. This is not observation from a distance: we are investment banking advisers who are also on the ground in Peruvian copper — at the mine gate, in the processing economics, and in the international concentrate markets.
The firm is led by Franco Hinostroza, Managing Director, whose twenty years in the industry span every seat at the table: as a lender within international banks, as a project finance and M&A adviser, and as a sponsor and owner of real assets — a career built at National Australia Bank (nabCapital), MUFG — Mitsubishi UFJ Financial Group, and ICA Partners, among others. Having priced risk from all three positions gives the firm a complete, 360-degree view of a transaction — how lenders will test it, how advisers will structure it, and how owners will live with it.
Peruvian in origin and formed in the Australian and international banking markets, the firm operates natively in English and Spanish — and just as natively in the two worlds it serves. Our mark is the Chakana, the Andean cross. In Inca cosmovision it represents the union of the upper world and the lower world — and we chose it because that union is precisely the firm’s work: carrying the capital, analysis, and standards of the world’s financial centers into the mountains where the resources are, and carrying the value of those mountains back to global markets. Two worlds, one structure.
Miraflores, Lima — Perú
Contact
Miraflores, Lima — Perú
8101 Biscayne Blvd, PH 703-29
Miami, FL 33138
+51 939 022 784