Commodities
Antofagasta Beats EPS Estimates, But Copper Guidance Takes a Hit
Antofagasta, a copper mining company, beat earnings per share (EPS) estimates in the first half of the year. The company's underlying EPS came in at $0.859, surpassing the consensus estimate of $0.753.
The better-than-expected results were due to stronger joint-venture income and lower financing costs. However, Antofagasta narrowed its 2026 copper production guidance to 625,000-655,000 tonnes from 650,000-700,000 tonnes after a planned shutdown at the Los Pelambres mine in Chile was extended due to unusual weather events.
Berenberg, an analyst firm, trimmed its 2026 copper output view but still lifted its earnings assumptions for 2026-2028. Despite this, it kept a hold rating and a £44 price target on Antofagasta shares.