Antofagasta cuts 2026 copper forecast, earnings rise
Antofagasta's shares fell about 5% in early London trading after the company lowered its 2026 copper output forecast to 625,000–655,000 tonnes following a July shutdown at Los Pelambres prompted by extreme rains. High copper prices lifted first-half core earnings by 27%, with EBITDA rising to $2.84 billion and revenue to $4.48 billion; profit before tax climbed to $1.99 billion. The miner declared a dividend of 30.1 cents, nearly double last year's 16.6 cents, and said net debt-to-EBITDA was 0.68 times at June 30. Group production fell 9% to 285,000 tonnes, but management expects sequential production increases through the year.
Antofagasta cut 2026 copper forecast to 625,000-655,000 tonnes.
Context
Heavy rains forced a shutdown at Los Pelambres and the government declared a state of catastrophe. Antofagasta cut its 2026 copper forecast and has safely resumed operations. The company says quarterly production should increase through…
The full analysis
19 dimensions on this story — world impact, market read, and what happens next.
- Full ContextLocked
- Affected SectorsLocked
- Stock ImpactLocked
- Economic IndicatorLocked
- Investor RelevanceLocked
- Professional RelevanceLocked
- Watch PointsLocked
- Probability of ChangeLocked
- Debate PointsLocked
- Prerequisite KnowledgeLocked
- Follow-up QuestionsLocked
- Pros & ConsLocked