Antofagasta Sees Copper Price Boost, Cuts Output Forecast Amid Mine Shutdown

Antofagasta, a Chilean miner majority owned by the Luksic family, reported a significant boost in its half-year core earnings due to high copper prices. Despite a drop in production, the company's earnings before interest, tax, depreciation, and amortisation (Ebitda) increased by 27% to $2.84-billion from $2.23-billion in the same period last year.

The miner announced an interim dividend of 30.1 cents per share, nearly double the 16.6 cents paid out last year. However, Antofagasta cut its 2026 copper output forecast to between 625,000 and 655,000 tons due to a shutdown at its Los Pelambres mine in July.

The shutdown was caused by extreme rains that prompted Chile's government to declare a 'state of catastrophe' in the Coquimbo Region. While there has been no material impact on key equipment and infrastructure, Antofagasta will need to repair some pipeline platforms and water management systems.