Antofagasta Stock Climbs Despite Lower Copper Production Outlook

Antofagasta plc (ISIN GB0000456144) saw its stock rise 3.04% on October 2, 2026, closing at GBp 3,802 on the London Stock Exchange. The company’s strong first-half performance, marked by a 27% year-over-year increase in adjusted EBITDA to USD 2.84 billion and a 63.4% EBITDA margin, contrasted with a lower full-year copper production outlook. The adjusted earnings per share stood at USD 0.859, as reported by Parqet on August 13, 2026.

Antofagasta reduced its 2026 copper production guidance to 625,000-655,000 tonnes, down from the previous range of 650,000-700,000 tonnes, due to severe weather disruptions at Los Pelambres. Centinela’s copper-in-concentrate production also declined 13% year over year to 69,700 tonnes in the first half, as noted by Fastmarkets on October 1, 2026.

Berenberg upgraded Antofagasta from Hold to Buy on September 14, 2026, while maintaining a GBp 4,400 price target. The bank anticipates a rise in copper volumes from 646,000 tonnes in 2026 to 818,000 tonnes by 2028, driven by improvements at Los Pelambres and the Centinela second concentrator. However, the broader analyst consensus remains neutral, with an average target of GBp 3,949.27, just 3.87% above the current price, according to Investing.com.

The next key event for Antofagasta is the release of its Q3 2026 operating results on October 14, 2026, which will provide further insight into production trends following the weather-related disruptions. As of October 2, 2026, Antofagasta’s stock traded at GBp 3,802, with a 52-week range of GBp 2,500 to GBp 4,475 and a market capitalization of GBP 37.5 billion.