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Antofagasta cuts 2026 copper output forecast after Chile storms despite strong half-year results

Market News
13 Aug 2026
Proactive Investors
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Bearish
Antofagasta cuts 2026 copper output forecast after Chile storms despite strong half-year results

Antofagasta PLC lowered its 2026 copper production forecast to 625,000-655,000 tonnes from 650,000-700,000 tonnes due to extreme weather disruptions at its Los Pelambres mine in Chile. Despite this, the company reported a 27% rise in EBITDA to $2.84 billion and a 72% jump in pre-tax profit to $2 billion for the first half of the year, driven by higher copper prices. Revenue grew 18% to $4.48 billion, and earnings per share beat expectations by 12%. The company maintains its full-year capital expenditure guidance and continues to progress on growth projects, including expansions at Centinela and Los Pelambres scheduled for 2027.

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