Antofagasta Stock Takes Hit on Storm Damage and Lower Output Guidance

Antofagasta stock took a hit on September 2, 2026, falling by 5.22% to GBp 3,828.00. The decline came after copper traders reacted negatively to news of storm damage at the company's key Chile mine, Los Pelambres, and a lower output guidance for 2026.

According to Reuters, Antofagasta cut its 2026 guidance to 625,000 to 655,000 tonnes from 650,000 to 700,000 tonnes alongside its first-half results on August 13, 2026. This move has significant implications given the already tight copper market.

The copper price is close to record territory, with Comex copper reaching $6.7775 a pound last week and three-month copper in London hitting $14,525 a tonne. Antofagasta's first-half numbers are still impressive, with trailing revenue of $9.3 billion, net income of $1.65 billion, and diluted EPS of 1.24.