Antofagasta cuts copper production forecast despite rising profits

Antofagasta reported a significant increase in first-half profits for 2026, driven by rising copper and gold prices. Profit before tax rose 72% to approximately $2 billion, while EBITDA grew 27% to $2.84 billion. The company also increased its dividend to 30.1 cents per share, up from 16.6 cents in the previous year.

Despite the strong financial performance, the mining group lowered its annual copper production forecast to between 625,000 and 655,000 metric tons, down from the previous target of 650,000 to 700,000 tons. This reduction follows weather-related disruptions at the Los Pelambres mine in Chile, where extreme rainfall and power outages necessitated a temporary precautionary shutdown.

CEO Iván Arriagada stated that operations have resumed in a safe manner and the impact on overall production has been contained. Following the news, Antofagasta shares saw a decline of approximately 5% in London trading.