Antofagasta Stock Holds Firm After Guidance Cut Amid Elevated Copper Prices

Antofagasta plc's stock has remained steady despite the company cutting its 2026 production guidance for copper. The London-listed group reduced its full-year copper output target in mid-August, citing severe weather conditions in Chile that forced an orderly shutdown at the Los Pelambres operation.

The company reported double-digit revenue growth for the first half of 2026, with a 18 percent increase to $4,479.0 million. This growth was driven by higher realised copper prices partially offset by lower sales volumes in copper and by-products.

Antofagasta's guidance cut translates to a reduction of 25,000 tonnes at the bottom end and 45,000 tonnes at the top end, equal to a 5.2 percent cut at the midpoint. The company has emphasized that its asset base remains intact and production is expected to normalise once conditions stabilise and remediation measures are completed.