Antofagasta Copper Output Forecast Slashed Amid Mine Disruptions

Antofagasta's copper profits rose significantly in the first half of the year, thanks to high copper prices. The company's core earnings jumped 27% to $2.84 billion, with EBITDA increasing from $2.23 billion a year earlier and operating cash flow climbing 53% to $2.77 billion.

However, Antofagasta's 2026 output forecast has taken a hit due to extreme rains that forced a July shutdown at its Los Pelambres mine in Chile. The company now expects to produce between 625,000 and 655,000 metric tons of copper in 2026, down from its previous estimate of 650,000-700,000.

Cash costs have also increased, with Antofagasta expecting full-year cash costs to rise to $2.60 per pound due to higher fuel prices. This combination of lower output and pricier production has weighed on the company's stock price, which fell 4.6% in early London trading.