Antofagasta backs view as predicts copper output rise in rest of 2026
Antofagasta PLC on Wednesday affirmed its 2026 outlook, but reported a decline in second-quarter production.
Antofagasta shares were 3.3% lower at 3,715.00 pence each in London on Wednesday morning, the worst FTSE 100 index performer.
The producer of copper and by-products in Chile said it was "another consistent performance" in the second quarter.
Second-quarter copper production was 0.7% lower on-quarter at 142,000 tonnes from 143,000 tonnes. This time last year, Anto reported second-quarter copper output of 160,100 tonnes.
"We delivered another consistent performance in Q2, with copper production in line with the previous quarter and continued cash cost discipline across the business," Chief Executive Officer Ivan Arriagada said.
Copper sales fell 4.5% on-quarter to 130,800 tonnes from 137,000 tonnes in the first three months of the year.
Gold production declined 0.4% on-quarter to 46,300 ounces, but molybdenum output was 3.3% higher at 3,100 tonnes. Antofagasta produces gold and molybdenum as by-products of its copper mining.
Looking ahead, Antofagasta still expects annual copper production in the range of 650,000 to 700,000 tonnes, an outcome which ranges from a 0.6% decline to a 7.1% rise.
The CEO added: "Full-year guidance remains unchanged, with copper production expected to increase through the remainder of the year, supported by higher ore throughput and improving grades at both Los Pelambres and Centinela.
"Given inflationary pressures persist across the mining industry, following external disruptions in the oil and other feedstock markets, we remain focused on supply chains to ensure security of sourcing, disciplined cost control, operational excellence and the safe execution of our growth projects."
Arriagada said copper's fundamentals "remain strong" with prices around record highs, climbing to above USD14,000 a tonne earlier this year, according to London Metal Exchange data.
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