Antofagasta Stock Plummets Amid Centinela Strike Vote Fears

Antofagasta's stock price dropped 1.39% on September 28, 2026, to GBp 3,678.00 on the London Stock Exchange. The decline was attributed to a potential labor disruption at its Centinela copper operation, which is central to the company's expansion strategy.

The Centinela second concentrator is set to support higher copper volumes and will be commissioned in 2027. However, if workers vote in favor of a strike, it could add execution risk to the project's timeline.

Antofagasta reported an 18% increase in revenue and a 27% rise in EBITDA for the six months ended June 30, 2026. The company's earnings are now more sensitive to realized prices and by-products than to tonnage alone, with a first-half EBITDA margin of 63.4%, five percentage points higher than a year earlier.

Berenberg upgraded Antofagasta from Hold to Buy in September, keeping its price target at GBp 4,400.00, which is 19.66% above the current market value. However, the strike ballot adds a company-specific risk to the volume growth case.