Antofagasta Cuts 2026 Copper Output Guidance Following Los Pelambres Shutdown
According to foreign media reports, Chilean copper producer Antofagasta has lowered its 2026 copper production guidance following a weather-related shutdown at its Los Pelambres mine, reducing expected output at a time when global copper mine supply remains under pressure.
Antofagasta now expects to produce 625,000–655,000 tonnes of copper in 2026, compared with its previous guidance of 650,000–700,000 tonnes. The revised range lowers the midpoint of the company's production outlook by 35,000 tonnes and reduces the upper end of its forecast by 45,000 tonnes.
The downgrade follows the temporary shutdown of Los Pelambres in July after extreme rainfall affected Chile's Coquimbo Region. Although no significant damage was reported to major infrastructure, repairs are required to some pipeline platforms and water-management systems following the disruption.
Despite lower production, stronger copper prices supported Antofagasta's financial performance during the first half of 2026. EBITDA increased 27% year on year to $2.84 billion, while operating cash flow rose 53% to $2.77 billion. First-half cash costs declined 8% year on year to $1.22/lb, although the company previously indicated that full-year costs are expected to increase amid persistently elevated fuel prices.
From a copper-market perspective, the guidance reduction represents a further downward adjustment to expected mine supply from Chile, the world's largest copper-producing country. The disruption at Los Pelambres also highlights the continued vulnerability of near-term supply to operational and weather-related interruptions, with Antofagasta's reduced production outlook adding to existing constraints on global copper mine growth.
