Antofagasta Sees Copper Prices Offset Production Shortfalls

Antofagasta reported significant financial gains in its first-half earnings, despite lower production levels. The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased by 27% year-on-year to $2.84 billion.

The growth was largely due to higher copper prices, which supported the company's financial performance. However, Antofagasta also announced a cut in its 2026 copper production guidance from 650,000-700,000 tonnes to 625,000-655,000 tonnes.

The reduced guidance is attributed to a July shutdown at Los Pelambres due to extreme rainfall in Chile's Coquimbo Region. Although major infrastructure was not significantly affected, some pipeline platforms and water management systems require repairs.