Antofagasta Projects Copper Production Increase Amid Q1 Output Decline
Antofagasta anticipates a rise in copper production for 2026, aiming for 650,000 to 700,000 tonnes amid a 19% drop in Q1 output. The company cites improved ore processing and grades as key factors in this forecast.
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In Q1 2026, Antofagasta's copper production decreased to 143,000 tonnes, a 19% drop from the previous quarter, attributed to lower processing rates and grades at its Los Pelambres and Centinela mines. The company expects to produce between 650,000 and 700,000 tonnes of copper in 2026, maintaining its guidance despite this decline.
Net cash costs fell by 30% year-on-year to 108 cents per pound, supported by higher by-product credits. Gold production decreased nearly 30% to 46,500 ounces, while molybdenum output was down to 3,000 tonnes. Antofagasta's annual capital expenditure remains at $3.4 billion, and the company continues to focus on operational improvements amidst rising energy costs and a stable copper price outlook.
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