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Antofagasta cuts 2026 copper output forecast after Los Pelambres shutdown
The company reduced its 2026 guidance to 625,000-655,000 tonnes after July extreme weather forced Los Pelambres to halt, even as first-half profit rose on higher copper and gold prices.
Antofagasta has cut its 2026 copper production forecast to account for a shutdown at its flagship Los Pelambres mine in Chile after extreme weather, according to Mining.com. The company lowered its annual production guidance to 625,000-655,000 tonnes from 650,000-700,000 tonnes, about a 5% reduction at the midpoint.
Los Pelambres was forced to stop operations after heavy rain and snowfall in July, following Chile’s government declaration of a “state of catastrophe” in the Coquimbo Region where the mine is located. Antofagasta said the extreme weather did not significantly damage major infrastructure, but it needs repairs for some pipeline platforms and water-management systems.
Despite the production setback, Antofagasta reported stronger first-half results supported by higher commodity prices. Pretax profit rose 72% to $2 billion, while EBITDA increased 27% to $2.84 billion, and operating cash flow climbed 53% to $2.77 billion, with copper prices up 36% and gold up 46% over the period.
The company reported shares down 5.3% in mid-afternoon London trading to 3,814 pence, and its market value at nearly £37.7 billion, or about $50 billion. Mining.com also noted that Antofagasta declared an interim dividend of $0.30 per share, and analysts said its cash flow position should help offset the negative impact from the production downgrade, even as guidance revisions highlight broader Chile copper risks.
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