CAP stock faces deeper losses as iron ore pressures weigh

Published on 11/09/2026 at 02:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

CAP stock faces deeper losses after a difficult nine-month period for mining and industrial operations. Cash flow improved as strategic projects advanced.

CAP faces pressure but advances projects

Grupo CAP reported a nine-month loss as lower iron ore prices and higher freight costs weighed on mining results.
Operating cash flow increased strongly, supporting liquidity while the group restructures its steel and industrial operations.
CAP is advancing a sustainable steel project with Aceros AZA and rare-earth initiatives with Aclara Resources.

CAP, CLP256251073, Illustration mit AI erstellt.

Grupo CAP reported a net loss of 127.8 million US dollars for the first nine months of 2026, while operating cash flow rose 62.1 percent to 320.5 million US dollars. The figures were reported by Reporte Minero after the company released its nine-month results.

Mining pressure weighs on results

Consolidated revenue fell 5.4 percent year over year to 1.2516 billion US dollars, while EBITDA declined 32.8 percent to 198.2 million US dollars. The mining segment generated EBITDA of 166.5 million US dollars, down 31.6 percent, as the average realised iron ore price dropped 10.1 percent.

Higher ocean freight also compressed margins at Compañía Minera del Pacífico. The company said freight costs were affected by geopolitical tensions in the Middle East, while production reached 10.4 million wet tonnes from January through September.

Steel and rare-earth projects advance

CAP said its industrial segment recorded negative EBITDA of 6.4 million US dollars, compared with positive EBITDA of 12.9 million US dollars a year earlier. The group linked the deterioration to delays in engineering and construction projects in Chile and Peru, start-up costs in housing and a slower recovery in mining accommodation services.

The company is also pursuing longer-term projects. Chile's Fiscalía Nacional Económica approved without conditions the transaction between CAP and Aceros AZA to develop sustainable steel production at Huachipato. Separately, Aclara Resources raised the planned purity of rare-earth carbonate from 91.9 percent to 98.9 percent and extended the estimated Penco project life from 12 to 17 years.

CAP's business and market position

CAP operates through mining, industrial and infrastructure businesses, with operations in Chile and Peru. Its portfolio includes iron ore production, steel-related activities, ports, water services and technology businesses. The group is positioning these assets around critical materials, industrial infrastructure and lower-carbon production.