[Antofagasta Q3 copper output misses estimates; softer 2027 guidance sends shares down 7%]

Published: Oct 15, 2026 18:47 (GMT+8)

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Antofagasta reported third-quarter copper production of 151,900 tonnes, up 7% q-o-q but below Peel Hunt's 158,000-tonne estimate. Output at Los Pelambres recovered more slowly than expected from severe weather disruption, while lower ore grades at the Centinela concentrator and a larger-than-expected wage settlement pushed net cash costs to about 2,977 USD/tonne (1.35 USD/lb), above the broker's 1.26 USD/lb forecast. The miner kept its 2026 guidance at 625,000-655,000 tonnes, though Peel Hunt's 642,000-tonne forecast implies a strong fourth quarter; its 2027 guidance of 630,000-690,000 tonnes sits below the broker's 710,000 tonnes. Peel Hunt flagged upcoming wage talks at Los Pelambres and Centinela as a downside risk. Shares fell as much as 7%.

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