Antofagasta First-Half Earnings Soar on Stronger Prices and Cost Discipline

Antofagasta's first-half earnings have surged due to stronger realized commodity prices and cost discipline, despite lower copper production. The company reported a 27% increase in EBITDA to US$2.84 billion for the six months ending June 30, with revenue up 18% year-on-year to US$4.48 billion.

Copper production fell 9% year-on-year to 285,000 tonnes due to lower output at Los Pelambres and Centinela operations. However, net cash costs decreased by 8% to US$1.22 per pound, thanks to stronger by-product credits and cost controls.

Antofagasta's major growth projects at Centinela and Los Pelambres are advancing, with commissioning planned for 2027. The projects are expected to increase the company's copper production by around 30%.