Antofagasta 3rd-Quarter Copper Output Rises 7 Percent Amid Cautious 2027 Guidance

October 18, 2026 – Chilean mining giant Antofagasta reported a 7 percent quarter-over-quarter increase in 3rd-quarter copper production, reaching 151,900 tonnes.

The output expansion was primarily driven by higher production at the company's flagship Los Pelambres mine, which previously faced temporary operational shutdowns due to heavy rain and power outages.

For macroeconomic allocators, the production update highlights the ongoing operational challenges and elevated cost pressures currently faced by major global base metal producers.

Trading desks observe that despite the quarterly output gain, Antofagasta shares fell 4.4 percent during Thursday trading as institutional investors digested a relatively tepid production outlook for the coming year.

Production Metrics and Expansion Projects

While quarterly copper production rebounded, the enterprise reported noticeable declines across its principal by-product commodities.

Gold output fell 4 percent compared to the preceding quarter to 44,300 ounces, while molybdenum production decreased 6 percent to 2,900 tonnes.

Chief Executive Officer Ivan Arriagada emphasized that construction activities for major growth projects at the Centinela and Los Pelambres sites have officially entered their final phases.

Management expects these critical infrastructure developments to achieve full construction completion and commissioning during 2027, structurally supporting future copper production across Chile.

Quantitative analysts note that year-to-date copper production reached 436,900 tonnes, representing an 8.3 percent decline compared to the exact same period last year.

Forward Guidance and Cost Pressures

Looking ahead, the mining conglomerate established its initial 2027 copper production guidance between 630,000 tonnes and 690,000 tonnes.

Asset managers explicitly noted that this 2027 forecast implies essentially zero growth compared to the company's original expectations for 2026, disappointing some institutional growth models.

Simultaneously, the enterprise maintained its revised 2026 full-year production guidance of 625,000 tonnes to 655,000 tonnes.

However, the company significantly raised its 2026 guidance for cash costs before by-product credits to a range of 2.60 USD to 2.70 USD per pound, up from a previous forecast of 2.40 USD to 2.60 USD.

Equity funds highlight that the painful upward cost revision is entirely attributed to elevated global diesel prices, which continue to inflate operating expenses across all major mining activities.