Antofagasta lifts Q3 copper output 7% and keeps 2026 guidance

what happened

According to Newsmetry API, Chilean miner Antofagasta said on Thursday that its third-quarter copper output rose 7%, and it left its annual guidance unchanged. The company expects higher production in the final months of 2026 to offset losses recorded in the first quarter. It produced 151,900 metric tons of copper in the third quarter, bringing output for the year so far to 436,900 tons, which is 8.3% below the same period of 2025.

First-quarter output fell 7.6% because of lower grades and recoveries at Centinela, so earlier this year the company cut its 2026 estimate to 625,000–655,000 tons from 650,000–700,000 tons. It expects 2027 production of 630,000–690,000 tons, supported by higher grades at Los Pelambres. The mine was shut in July after extreme rains led Chile's government to declare a "state of catastrophe" in the Coquimbo region.

The London-listed company also raised its estimate for cash costs before by-product credits to $2.60–$2.70 per pound, up from $2.40–$2.60, citing persistently higher fuel prices.

why it matters

For the copper market, the report shows a producer keeping its full-year target while absorbing weaker first-quarter volumes and higher costs tied to fuel. Supply from Chile, one of the largest copper-producing countries, remains a key factor for LME copper prices and for margins across the sector.

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