Antofagasta Cuts Output Forecast as Copper Prices Boost Earnings

Chilean miner Antofagasta reported a 27% increase in half-year core earnings due to high copper prices offsetting lower production. The company's earnings before interest, taxes, depreciation, and amortisation rose to $2.84 billion from $2.23 billion a year earlier.

The miner announced an interim dividend of 30.1 cents per share, almost double the 16.6 cents paid in the same period last year. Antofagasta's performance mirrors that of other London-listed miners, which benefited from higher commodity prices.

However, a shutdown at the Los Pelambres mine due to extreme rains prompted Chile's government to declare a 'state of catastrophe' in the Coquimbo Region led to a cut in 2026 copper output estimate. The company now expects to produce between 625,000 and 655,000 metric tons, down from a previous forecast of 650,000 to 700,000 tons.