The mining company Antofagasta increased copper production by 7 percent in the third quarter compared with the previous quarter and is also presenting a production forecast for 2027.
Copper production amounted to 151,900 tonnes (142,000) in the third quarter, an increase of 7 percent compared with the previous quarter.
Gold production decreased by 4.3 percent to 44,300 ounces (46,300) compared with the previous quarter. Molybdenum production decreased by 6.5 percent to 2,900 tonnes (3,100).
CEO Iván Arriagada describes the copper market as remaining strong, supported by investments in energy infrastructure and digitalisation as well as supply-side constraints.
The production forecast for the full year 2026 is reiterated at 625,000–655,000 tonnes of copper. However, the forecast for costs (cash cost) before by-product credits is raised to 2.60–2.70 dollars per pound, from the previous 2.40–2.60 dollars per pound, due to persistently high diesel prices.
The forecast for net cash cost remains at 1.15–1.35 dollars per pound and the investment forecast is unchanged at 3.4 billion dollars.
For 2027, Antofagasta expects copper production of 630,000–690,000 tonnes.
The company also announces that two trade unions at Centinela, representing around 20 percent of its own workforce, have called a strike after the end of the quarter. Negotiations are ongoing.
