On Wednesday, July 16, Chilean miner Antofagasta stated that its copper production in the first half of the year was 314,900 mt, a 10.6% increase from the 284,700 mt produced in the same period last year. This growth was attributed to increased production at two of the group's major copper mining areas (Centinela Concentrates and Los Pelambres), offsetting a decrease in cathode copper operating output.
The London-listed company maintained its full-year copper production guidance at 660,000-700,000 mt, unchanged from last year's copper production of 664,000 mt.
The company reported a net cash cost of $1.32 per pound in the first half of the year, a 32% decrease from the same period last year, primarily due to increased production.
The company also maintained its full-year capital expenditure guidance at $3.9 billion, up from $2.7 billion in 2024, as production at the Centinela beneficiation plant peaks.
Antofagasta operates four copper mines in Chile and is seeking to develop the Twin Metals copper-nickel mine in Minnesota, a project that has stalled after being blocked by the previous US presidential administration on environmental grounds.
On July 10, the company's CEO, Iván Arriagada, stated that he saw an "opportunity" to advance the Twin Metals project after Trump imposed a 50% import tariff on copper, reigniting hopes for greater support for domestic mining projects in the US.
"We achieved increased production at our two largest copper mining areas, Los Pelambres and Centinela. Copper production in the second quarter was 160,100 mt, a 3% increase from the previous quarter, with net cash costs down 27%. The decline in net cash costs was driven by increased production of gold and molybdenum by-products, which rose by 13% and 42%, respectively," Arriagada said.
"After completing maintenance in the first half of 2025, production is expected to increase for the remainder of the year."
"We remain steadfast in our belief in copper as the metal of the future and are optimistic about its medium-term prospects. We see continued demand support driven by increasing usage in key strategic sectors, fueled by accelerating structural trends such as modern technologies, artificial intelligence, and infrastructure needed for energy security and decarbonization, while supply is becoming increasingly constrained," he added.
As a metal with high electrical and thermal conductivity, copper is crucial in the power and construction sectors. With the expansion of the EV market and new applications, including AI-driven and data center expansions, demand for copper is expected to increase over time.
In the second quarter of this year, Antofagasta's gold production was 48,300 ounces, a 13% increase from 42,900 ounces in the previous quarter, driven by increased production at both Los Pelambres and Centinela Concentrates. Gold production in the first half of this year was 91,200 ounces, up 36% YoY.
Molybdenum production in Q2 was 4,400 mt, a 42% increase from the previous quarter, primarily reflecting increased production at Los Pelambres. Molybdenum production by the company in the first half of this year was 7,400 mt, up 42% YoY, due to increased production at both Centinela Concentrates and Los Pelambres.
Chile is the world's largest copper producer.
Below are the details of production data:
(Wenhua Comprehensive)
