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Antofagasta keeps 2025 copper outlook despite weaker Q2 output
The company produced 142,000 tonnes of copper in the quarter, while net cash costs rose nearly 26% to $1.36 per pound.
Chilean copper miner Antofagasta reaffirmed its 2025 production outlook after second-quarter copper output fell, betting that stronger output in the second half will help it reach its annual target, Mining.com reported.
In the three months ended June 30, the company produced 142,000 tonnes of copper, down 0.7% from the prior quarter, as lower output at its Antucoya mine offset gains elsewhere. Net cash costs increased nearly 26% to $1.36 per pound, Mining.com said.
Antofagasta expects production to rise through the rest of 2025 and maintained guidance of 650,000 to 700,000 tonnes of copper for the year, with net cash costs of $1.15 to $1.35 per pound. It also said gold output slipped 0.4% to 46,300 ounces, while molybdenum production rose 3.3% to 3,100 tonnes.
The miner tied its longer-term plans to growth and water supply projects, noting construction on major projects continues with commissioning expected next year, and it approved investment in Zaldívar’s long-term water solution that could extend mine life to 2051. Mining.com also reported BMO Capital Markets said Antofagasta’s unchanged 2026 capex guidance of $3.4 billion excludes the newly approved $900 million investment at Zaldívar.
Latest closeGold $4,058.20 ▲1.5%|Copper $6.367 ▲2.1%