[REVISION HISTORY]

Copper mining production and forecasts

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-08-13 11:01 UTC → 2026-09-08 10:35 UTC · added ~~removed~~

In mid-2026, major mining companies reported diverging outlooks regarding copper production despite fluctuating market conditions. Anglo American maintained its 2026 copper production target of 700,000–760,000 tonnes. The company noted that its Quellaveco mine in Peru saw a 2% increase in output during the second quarter, serving as a stable component of its portfolio. Anglo American also lowered its unit-cost forecast, citing lower expected costs in Chile and Peru. Conversely, Antofagasta lowered its annual copper production forecast to between 625,000 and 655,000 metric tons, down from a previous target of 650,000 to 700,000 tons. While the company saw a 72% increase in first-half profits due to rising copper and gold prices, production was impacted by weather-related disruptions, including extreme rainfall and power outages at the Los Pelambres mine in Chile. By September 2026, Antofagasta confirmed that heavy rain and snowfall had damaged water-management infrastructure at Los Pelambres, necessitating temporary shutdowns. Despite these production challenges, the company reported strong first-half financial results, with revenue rising 18% to $4.5 billion and pre-tax profit reaching approximately $2 billion. Consequently, Antofagasta increased its interim dividend by 81%. The production downgrade by Antofagasta impacted the broader London market, dragging down several FTSE 100 mining stocks, including Glencore and Anglo American. However, the overall index impact was partially offset by surging commodity prices, with copper trading near record highs.

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