Antofagasta stock in focus after stronger Q3 copper output
Published on 11/04/2026 at 03:43 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSProduction improves, costs remain elevated
- Antofagasta reported stronger third-quarter copper output, led by Los Pelambres.
- The company kept its 2026 copper production target and raised its cash-cost guidance before by-product credits.
- Antofagasta expects higher 2027 copper production as major Chilean growth projects approach commissioning.
Antofagasta reported stronger copper production in the third quarter, while higher year-to-date costs kept pressure on the operating outlook. In its Q3 2026 Production Report published on October 15, the company said quarterly copper output reached 151,900 tonnes, supported by higher production at Los Pelambres.
Quarterly output rebounds
The result marked a 7 percent increase from the previous quarter. However, copper production for the first nine months was 8 percent lower year on year at 436,900 tonnes, reflecting lower grades at Centinela Concentrates and weaker recoveries at Centinela Cathodes.
Antofagasta left its 2026 copper production guidance unchanged at 625,000 to 655,000 tonnes. It raised guidance for cash costs before by-product credits to 2.60 to 2.70 US dollars per pound from 2.40 to 2.60 US dollars, citing elevated diesel prices. Net cash-cost guidance remained at 1.15 to 1.35 US dollars per pound.
Projects shape the next phase
The company expects copper production of 630,000 to 690,000 tonnes in 2027. Antofagasta said construction and commissioning work at the Centinela Second Concentrator and Los Pelambres growth projects was progressing toward completion in 2027.
For investors, the report presents a mixed operating picture: quarterly production improved, but the year-to-date decline and higher underlying costs underline the importance of grades, recoveries and project execution. The company also said two Centinela unions representing about 20 percent of its own employee workforce had declared a strike after the quarter, with negotiations continuing.
Chile-focused copper producer
Antofagasta describes itself as a Chile-based copper mining group with interests in transport. Its mining portfolio is focused on copper and by-products, while its transport business provides rail and road cargo services to mining customers in northern Chile. The company has a more specialized Chilean copper profile than diversified global miners, with growth centered on its existing operations and projects.
Antofagasta company facts
- Company: Antofagasta plc
- ISIN: GB0000456144
- Business: Chile-based copper mining and transport
- Latest operating report: Q3 2026 Production Report, published October 15, 2026
The Euro Stoxx 50 provides the broader market backdrop for European-listed companies.
More developments can be found in further news and analyses on Antofagasta stock.
