Antofagasta cuts copper production forecast amid Chilean weather

Antofagasta has lowered its 2026 copper production forecast due to severe weather in Chile. Heavy rain and snowfall caused temporary shutdowns at the Los Pelambres mine and damaged water-management infrastructure. The company reduced its full-year output guidance to between 625,000 and 655,000 tonnes, a midpoint reduction of approximately 5%.

Despite the production downgrade, Antofagasta reported strong first-half 2026 financial results. Revenue rose 18% to $4.5 billion, and pre-tax profit increased 72% to $2 billion. The company also raised its interim dividend by 81%.

The production news impacted the broader London market, dragging down several FTSE 100 mining stocks, including Glencore and Anglo American. However, the impact on the index has been partially offset by surging commodity prices, with copper trading near record highs and Brent crude approaching $100 per barrel.