{
  "id": 739411,
  "title": "Earnings call transcript: Antofagasta H1 2026 profit jumps as copper margins widen",
  "url": "https://urgent.news/2026/08/13/earnings-call-transcript-antofagasta-h1-2026-profit-jumps-as-copper",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-13T06:27:19.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/transcripts/earnings-call-transcript-antofagasta-h1-2026-profit-jumps-as-copper-margins-widen-93CH-4856664"
  },
  "original_language": "en",
  "account": "Antofagasta reported a remarkable 72% increase in profit before tax for the first half of 2026, driven by higher copper and byproduct prices. Revenue jumped 18% to $4.5 billion, while EBITDA margins expanded to 63.4%, among the highest in the pure-play copper sector. The miner attributed part of the 7,000-tonne copper production decline to lower grades at Centinela and Los Pelambres, but acknowledged this as a timing issue rather than a permanent loss, with most of the shortfall expected to be recognized in the second half. Antofagasta's operating discipline shone through, with a fatality-free year and a lost time injury frequency rate below 1. The company's competitiveness program delivered $67 million in savings, keeping it on track for a $110 million full-year target. Copper generated 77% of revenue, with byproducts contributing 22%. Production was lower than the previous half-year due to lower grades at certain mines, but management expected most of this decline to be offset in the second half. The company's capital spending remained elevated due to major growth projects, including the Centinela Second Concentrator and Los Pelambres expansion, both slated for completion by 2027. Antofagasta's shares were nearly unchanged after the earnings call, trading at $4,029, near the top of its 52-week range. The stock's market capitalization stands at $53.6 billion, though it is currently trading above its fair value. The company aims to maintain disciplined growth through brownfield expansions and capitalize on longer-dated opportunities, such as extending mine life at Los Pelambres and securing water supply at Zaldívar.",
  "summary": null,
  "key_points": [
    "Antofagasta's H1 2026 profit jumps 72%, boosted by higher copper and byproduct prices",
    "Revenue rises 18% to $4.5 billion, EBITDA margins expand to 63.4%",
    "Company maintains fatality-free year, cuts costs while investing in growth projects"
  ],
  "editors_take": "The surge in Antofagasta's profit and revenue reflects the company's ability to capitalize on higher copper prices, showcasing its resilience and positioning it for sustained growth through strategic expansions.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Investing.com",
        "title": "Earnings call transcript: DEMIRE lifts 2026 outlook as H1 profit stays stable",
        "url": "https://urgent.news/2026/08/13/earnings-call-transcript-demire-lifts-2026-outlook-as-h1-profit-stays",
        "published": "2026-08-13T09:27:30.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}