Antofagasta Raises 2026 Cash-Cost Outlook After Q3 Copper Output Gains 7%

Antofagasta raised its 2026 cash-cost forecast after third-quarter copper production increased 7% from the prior quarter, while keeping its full-year output target unchanged amid elevated global diesel prices.

The Chilean miner produced 151,900 metric tons of copper in Q3. Its forecast for cash costs before by-product credits rose to $2.60 to $2.70 per pound, from $2.40 to $2.60.

Antofagasta kept its 2026 copper production guidance at 625,000 to 655,000 metric tons. Production for the first nine months of 2026 totaled 436,900 metric tons, down 8.3% from the same period a year earlier.

Los Pelambres drove the quarterly increase as it completed the drawdown of inventories accumulated in the prior quarter and showed resilience following severe weather in July. Lower grades at Centinela Concentrates and lower recoveries at Centinela Cathodes contributed to the nine-month decline.

For 2027, Antofagasta set copper production guidance at 630,000 to 690,000 metric tons. Higher grades at Los Pelambres are expected to be partly offset by lower grades at Centinela Concentrates.

The company plans to provide 2027 cash-cost and capital-expenditure guidance in its fourth-quarter production report, due in January 2027.