Antofagasta reported copper production of 151,900 tonnes for the third quarter of 2026, a 7 percent increase on the previous quarter, and maintained its full year guidance of 625,000 to 655,000 tonnes. Output for the first nine months was 436,900 tonnes, down 8.3 percent on the same period in 2025, after a weak first quarter on lower grades and recoveries at Centinela forced an earlier guidance cut from 650,000 to 700,000 tonnes.
The quarterly improvement came from Los Pelambres, where production recovered after a severe weather shutdown in July and the mine drew down inventories built up in the prior quarter. That July stoppage, during a government declared state of catastrophe in the Coquimbo region, is the main reason the annual target needs a strong fourth quarter to be met.
Costs moved the other way. The company raised its 2026 cash cost guidance before byproduct credits to $2.60 to $2.70 a pound, from $2.40 to $2.60, citing persistently higher fuel prices. It also gave first guidance for 2027, at 630,000 to 690,000 tonnes, which analysts at RBC and JPMorgan read as flat against the original 2026 range despite higher expected grades at Los Pelambres and the Centinela expansion nearing completion. Shares fell in early London trading on the cost and outlook combination.
The production report landed while two unions at Centinela, representing about a fifth of that mine’s workforce, remain on strike with talks continuing. Antofagasta said its growth projects at Centinela and Los Pelambres are approaching the final stages of construction, with commissioning expected during 2027. Copper eased 0.75 percent to $6.56 a pound in the October 15 market table.