Chilean miner Antofagasta has reported that its copper production increased by 7% in the third quarter of 2026 to 151,900 tonnes, compared to 142,000 tonnes in the same period a year earlier.
However, its year-to-date output decreased to 436 900 tonnes, down 8.3% from the same period in 2025, as lower grades and recoveries at Centinela negatively impacted the results.
The company said that the stronger output in the final months of 2026 will offset losses incurred in the first quarter, thanks to which it expects to maintain the annual guidance of 625 000 - 655 000 tonnes.
"During the quarter, we delivered a 7% increase in production to 151,900 tonnes, with Los Pelambres completing the drawdown of inventories accumulated during the prior quarter, and demonstrating resilience following the severe weather event in July," said Antofagasta CEO Iván Arriagada.
He also noted that construction activities at major growth projects, Centinela and Los Pelambres, are progressing well and are entering the final phases.
"These projects will deliver significant growth and strengthen the resilience of our portfolio, and we remain focused on completing each project in line with expectations," Arriagada added.
The company has announced that its copper production guidance for 2027 will be raised to 630,000 - 690,000 tonnes.
"The copper market continues to demonstrate strong fundamentals. Looking ahead, the combination of continued investment in energy infrastructure and digitalisation, together with supply constraints, provides a supportive backdrop, helping to reinforce the long-term outlook," Arriagada concluded.
Theodor Lisovoy, Managing Editor, Rough&Polished
