Antofagasta reiterates copper production outlook

(Sharecast News) - Antofagasta reiterated guidance for growth in copper production over the year on Wednesday, despite lower tonnage in the first quarter. The London-listed miner, which owns mines across Chile, saw copper production fall 8% year-on-year, and 19% quarter-on-quarter, to 143,000 tonnes.

Antofagasta attributed the decline to lower processing rates and copper grades, in line with the mine plan at Los Pelambres and Centinela Concentrates. However, it reiterated guidance for the full year, of around 650,000 to 700,000 tonnes, with production increasing quarter-on-quarter as processing rates and grades both improve.

Ivan Arriagada, chief executive, said: "Our key growth projects continue to advance in line with expectations. Pre-commissioning activities are now underway at the Centinela second concentrator project, while progress across the Los Pelambres growth enabling projects continues to strengthen the operational platform for future production growth, as we look to increase our copper production by 30%.

"Against a backdrop of higher energy prices, we remain focused on safety, operational excellence, disciplined cost control and the timely execution of our growth and development projects, while maintaining resilient supply chains - to date we have experienced no supply disruptions."

He concluded: "The copper price remains constructive in 2026 and the medium-term fundamentals for copper are compelling."

As at 0830 BST, the stock was up 3% at 3,991p.

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