Antofagasta copper output rises 7 percent in third quarter

Antofagasta reported third quarter copper production of 174,300 tonnes, up 7 percent year on year, and backed its 2026 forecast, but its shares fell as the 2027 outlook disappointed.

Why it matters: Antofagasta is the London market's pure play copper bellwether; a solid quarter with a flat look ahead sums up the copper trade, strong physical output against a market that has already priced scarcity.

Data as of Production report October 15, 2026 (Reuters reporting carried by Mining Weekly; share reaction reported by Mining.com October 15). The 528,500 tonne figure in some summaries is the nine month cumulative, not the quarter.

Antofagasta’s third quarter copper production rose 7 percent year on year to 174,300 tonnes, taking output for the first nine months of the year to 528,500 tonnes, and the Chilean miner backed its 2026 forecast in its quarterly production report. The quarter was the company’s strongest of the year, helped by its Los Pelambres and Centinela operations.

The market sold the future, not the quarter. Antofagasta shares fell after the report as investors focused on a 2027 outlook that Mining.com described as falling flat, a reminder that at copper prices within sight of records, guidance has to surprise upward to move the stock.

Separately, the company added BHP veteran Carlos Avila to its board on Wednesday, a hire The Rio Times reported on Friday, as the group reshapes its leadership for the next phase of Chilean copper growth.

Antofagasta copper output rises 7 percent in third quarter

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