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Antofagasta Cuts 2026 Copper Output Guidance After Los Pelambres Shutdown

8/14/2026

27 4 Full Breakdown

Summary

Antofagasta Cuts Output

Antofagasta PLC cut its 2026 copper output guidance to 625,000–655,000 tonnes after a shutdown at Los Pelambres mine caused by extreme rains and a state of catastrophe in the Coquimbo Region.
Half-year core earnings rose 27% to $2.84 billion, up from $2.23 billion a year earlier.
Shares fell 4.6% in early London trading after the forecast cut.
Operating cash flow jumped 53% to $2.77 billion.

Summary

Antofagasta Extends

The $900 million Minera Zaldívar life-extension project will run until 2051 and supply treated water to Antofagasta.
Chile’s government declared a state of catastrophe in Coquimbo after July storms shut Los Pelambres.
Taxes to the Chilean state rose to $927 million in H1 2026, up from $421 million a year earlier.
The firm aims to commission Centinela and Los Pelambres in 2027 to lift output 30% by 2030.

History

Historical Context

On 27 February 2010 a magnitude 8.8 megathrust quake struck central Chile, killing 525 people, damaging 370,000 homes and blacking out 93 % of the population. President Michelle Bachelet declared a state of catastrophe and deployed the military. That massive response to infrastructure loss informs today’s handling of storm-driven mine shutdowns such as the July Los Pelambres outage.

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Antofagasta Cuts Output

Antofagasta PLC cut its 2026 copper output guidance to 625,000–655,000 tonnes after a shutdown at Los Pelambres mine caused by extreme rains and a state of catastrophe in the Coquimbo Region.
Half-year core earnings rose 27% to $2.84 billion, up from $2.23 billion a year earlier.
Shares fell 4.6% in early London trading after the forecast cut.
Operating cash flow jumped 53% to $2.77 billion.

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