Antofagasta Surges on Copper Price Gains

Antofagasta PLC has reported a significant increase in its first-half earnings. The company's revenue rose by 18% to $4.48 billion, while EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) jumped by 27% to $2.84 billion. This growth was primarily driven by higher copper prices and disciplined cost management, despite a 9% decline in copper production.

The company declared an interim dividend of 30.1 US cents per share, up 81%. Antofagasta also maintained a strong balance sheet with net debt to EBITDA at 0.68 times. The focus for the rest of 2026 will be on ramping up production and achieving $110 million in cost savings.

Major expansion projects at Centinela and Los Pelambres are progressing towards commissioning in 2027, which is expected to boost copper output by around 30%.