Antofagasta's first-half copper output drops 9.5%, uptick seen ahead
Chilean miner Antofagasta said on Wednesday its copper output fell 9.5% in the first half to 285000 tons owing to lower production at two key mines, but affirmed its yearly forecast as it expects higher output through the rest of 2026.
Inflationary pressures persisted across the mining industry owing to disruptions in oil and other feedstock markets, Antofagasta CEO Iván Arriagada said in a statement, adding that the miner would focus on supply chains to safeguard sourcing materials.
The London-listed miner said second-quarter output of 142 000 tons was down 0.7%, a significant improvement from the 7.6% drop in the first quarter, and that quarterly production would increase sequentially in the rest of the year.
Antofagasta reiterated its yearly copper output guidance of between 650000 and 700000 tons, but nudged up its forecast for cash cost before by-product credits to between $2.40/lb and $2.60/lb pound owing to persistently higher fuel prices.
