Antofagasta PLC shares fell 7% after its third-quarter copper production of 151,900 tonnes missed Peel Hunt's estimate of 158,000 tonnes. The company cited slower recovery from weather disruptions and lower ore grades as factors, with higher wage costs also impacting expenses. While maintaining 2026 production guidance, Antofagasta issued a softer 2027 output forecast of 630,000 to 690,000 tonnes, below Peel Hunt's 710,000-tonne estimate. Upcoming wage negotiations add further risk to production expectations. Rio Tinto also saw a sharp share price drop amid the sector weakness.
As of Oct 15, 2026 15:01 WIB, Rio Tinto shares are trading at USD 88.22 on Pluang, down 3.32% for the day. The sector is experiencing weakness, reflected in Rio Tinto's market cap of $150.32 billion and a dividend yield of 5%. This context highlights the broader challenges facing mining companies like Antofagasta, which recently reported a production shortfall and a softer outlook for 2027.
