Antofagasta stock trades near yearly high as copper prices and earnings support valuation

Antofagasta stock remains supported by higher copper prices and improved earnings, with investors watching margins, capital spending, and the Chilean miner's production guidance.

Antofagasta stock is trading close to its recent twelve month highs on the London Stock Exchange, with the Chilean copper producer Antofagasta plc (ISIN GB0000456144) benefiting from firmer copper prices and improved earnings reported for 2024 and the opening months of 2025.

Revenue up double digits

According to the companys most recent published annual report for the 2024 financial year, Antofagasta generated group revenue of roughly $6.3 billion, compared with about $5.3 billion in 2023, implying year on year growth of around nineteen percent as higher copper prices and increased throughput at key operations supported the top line.

The same report indicated that profit before tax improved at a faster pace than revenue, with Antofagasta recording profit before tax in the region of $2.4 billion for 2024, up from around $1.8 billion in 2023, an increase of roughly thirty three percent driven by stronger operating margins and cost discipline at its flagship Los Pelambres and Centinela mines.

Management also highlighted that EBITDA for 2024 reached approximately $3.7 billion, compared with about $2.9 billion one year earlier, signaling an EBITDA increase of close to twenty eight percent and pointing to operating leverage as copper prices recovered from the trough levels seen in late 2022 and early 2023.

EBITDA margin near sixty percent

On these figures, Antofagastas EBITDA margin in 2024 stood near fifty nine percent, up from roughly fifty five percent in 2023, reflecting both the positive effect of commodity prices and continuing efforts to manage mining, processing, and sustaining capital costs in Chile.

The company reported total copper production of around 660,000 tonnes for the 2024 calendar year, slightly higher than the roughly 640,000 tonnes delivered in 2023, as debottlenecking projects and plant improvements offset grade variations across key ore bodies.

At the same time, net cash costs per pound of copper produced fell modestly year on year, with the 2024 net cash cost reported in the area of $1.55 per pound, compared with roughly $1.60 per pound in 2023, helped by by product credits from gold and molybdenum and targeted efficiency initiatives.

Copper production supports guidance

Antofagastas latest guidance, as set out in its investor materials for 2025, points to expected copper production in a range around 670,000 to 700,000 tonnes, implying mid single digit growth versus the 660,000 tonnes reported for 2024 if the midpoint is achieved.

The company has emphasized that this production outlook depends on continued progress at key sustaining and development projects, including further work at Los Pelambres to expand throughput and improvements in water supply and tailings infrastructure, as well as capital investment at Centinela to optimize plant availability.

For 2025, Antofagasta also flagged capital expenditure in the region of $2.2 billion, compared with around $2.0 billion in 2024, with the spending focused on mine development, infrastructure, and environmental initiatives designed to secure long term copper output and meet regulatory and community expectations in Chile.

Dividend and balance sheet metrics

On shareholder returns, the board proposed a total dividend for the 2024 financial year of approximately $0.50 per share, up from about $0.45 per share in 2023, reflecting both the stronger earnings base and the companys progressive dividend policy.

This translated into a payout ratio close to forty percent of underlying earnings, consistent with Antofagastas stated approach of balancing investment needs with cash distributions.

At the end of 2024, Antofagastas net debt stood at roughly $1.5 billion, compared with about $1.7 billion a year earlier, as strong operating cash flow outpaced capital expenditure and dividend payments, leaving the balance sheet in a position regarded as supportive of continued investment across its core copper assets.

Antofagasta product focus

Antofagasta is primarily a copper producer, and its revenue mix is dominated by the sale of copper concentrate and cathode from operations such as Los Pelambres and Centinela, complemented by by products including molybdenum and gold.

In 2024, copper accounted for around ninety percent of group revenue, underscoring the companys sensitivity to copper prices and investor focus on developments in global copper demand from sectors such as electrification, renewable energy, and electric vehicles.

Molybdenum and gold contributed the remaining revenue share, providing helpful credits to the cost base but not materially changing the companys overall profile as a copper focused miner.

Antofagasta stock and market value

Antofagasta stock is listed on the London Stock Exchange, and the companys shares trade in pounds sterling, with market portals indicating a recent share price of around GBX 2,000, placing the stock near the upper end of its twelve month trading range between roughly GBX 1,400 and GBX 2,100.

On this price, and using the latest share count, Antofagastas market capitalization is approximately £20 billion, a level that reflects both stronger earnings and investor expectations for continued demand growth for copper as global energy systems become more electrified.

For investors, the key questions now center on whether Antofagasta can deliver its production guidance within the expected cost envelope and how copper prices evolve as new supply comes on stream and macroeconomic conditions shift, while maintaining balance sheet flexibility and disciplined capital allocation.

Antofagasta key figures

• Company: Antofagasta plc
• ISIN: GB0000456144
• Ticker: LSE: ANTO
• Trading venue: London Stock Exchange
• Price (as of 26 July 2026, 12:00 UTC): 2,000 GBX
• Market capitalization: 20,000,000,000 GBP (as of 26 July 2026)
• Sector / Industry: Materials / Copper mining
• Index membership: FTSE 100
• Next earnings date: 20 August 2026