Antofagasta Cuts Copper Output Guidance Amid Chile Mine Shutdown

Antofagasta, one of Chile's leading copper producers, has reduced its expected copper output for 2026 due to a weather-related shutdown at its Los Pelambres mine. The company now anticipates producing between 625,000 and 655,000 tonnes of copper in 2026, down from its previous guidance of 650,000-700,000 tonnes.

The reduced output is attributed to the temporary closure of the Los Pelambres mine after extreme rainfall affected Chile's Coquimbo Region. Although no significant damage was reported to major infrastructure, repairs are required to some pipeline platforms and water-management systems.

Despite the lower production, Antofagasta's financial performance remains strong, with EBITDA increasing 27% year on year to $2.84 billion and operating cash flow rising 53% to $2.77 billion in the first half of 2026. However, full-year costs are expected to increase due to persistently elevated fuel prices.

The guidance reduction by Antofagasta highlights the continued vulnerability of near-term copper supply to operational and weather-related interruptions, adding to existing constraints on global copper mine growth.