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Investing.com -- Chilean miner Antofagasta said Wednesday its copper output fell 9.5% in the first half of 2026 due to lower production at two key mines, missing company-compiled estimates, but affirmed its full-year forecast as it expects production to pick up through the rest of the year.
The miner’s shares fell 1.9% in London trading by 08:32 GMT.
Second-quarter copper production came in at 142,000 tonnes, down 1% quarter-on-quarter, reflecting lower output at Antucoya. The company said around 7,000 tonnes of copper processed at Los Pelambres during the quarter remained in plant inventory and will be recognised as filtered production in the second half, following extended concentrate pipeline maintenance.
Year-to-date copper production totalled 285,000 tonnes, down 9.5% year-on-year, reflecting lower output at Los Pelambres and Centinela.
Analysts at RBC Capital Markets said the output was lower than their own and company-compiled expectations.
Gold production of 46,300 ounces in the second quarter was in line with the prior quarter, with year-to-date output of 92,800 ounces flat year-on-year, as higher production at Centinela offset weaker output at Los Pelambres.
Molybdenum production of 3,100 tonnes was also steady quarter-on-quarter, though year-to-date output of 6,100 tonnes was down 18% year-on-year, mainly due to lower production at Los Pelambres.
Antofagasta kept its full-year guidance unchanged, still expecting group copper production of between 650,000 and 700,000 tonnes, with quarterly output expected to increase sequentially through the rest of the year.
"We delivered another consistent performance in Q2, with copper production in line with the previous quarter and continued cash cost discipline across the business," said Antofagasta CEO Iván Arriagada. "Full-year guidance remains unchanged, with copper production expected to increase through the remainder of the year, supported by higher ore throughput and improving grades at both Los Pelambres and Centinela."
Group-level cash cost guidance after by-product credits also remains unchanged at $1.15 to $1.35 per pound, with costs expected to fall in the second half as production ramps up. However, with fuel prices and key consumables still running above January 2026 levels, the company now expects cash costs before by-product credits of $2.40 to $2.60 per pound.
