Antofagasta Q3 copper output rises 7%, issues 2027 production guidance

Antofagasta reported a 7% increase in Q3 copper production, totaling 151,900 tonnes. The surge was driven by Los Pelambres, which concluded inventory drawdowns and recovered from weather disruptions in July. The mine's year-to-date output stands at 436,900 tonnes, a 8% decrease compared to the previous year due to lower grades at Centinela Concentrates and reduced recoveries at Centinela Cathodes.

The company maintained its 2026 production guidance at 625,000 to 655,000 tonnes without change. However, it projected 2027 output between 630,000 and 690,000 tonnes, anticipating higher copper grades at Los Pelambres, partially offset by lower grades at Centinela Concentrates. Antofagasta will disclose 2027 guidance for cash costs and capital spending in its Q4 report in January.

The firm affirmed its 2026 cash cost guidance at $2.60 to $2.70 per pound, up from $2.40 to $2.60, due to higher global diesel prices. These costs reached $2.73 per pound in Q3, a 7% decrease from the prior quarter and a 20% rise compared to the year before. Net cash costs were $1.38 per pound for the quarter, with the company retaining a full-year net cash cost guidance of $1.15 to $1.35.

Antofagasta's capital spending guidance remains unchanged at $3.4 billion. Gold production fell 4% to 44,300 ounces, while molybdenum output declined 6% to 2,900 tonnes. CEO Iván Arriagada stated that construction on major growth projects at Centinela and Los Pelambres has entered its final stages, set for completion and commissioning in 2027. He emphasized that the copper market's fundamentals remain robust, bolstered by energy infrastructure investments, digitalization, and supply constraints.