Antofagasta Earnings Rise; Cuts Copper Guidance

Antofagasta earnings (ANFGF) rose in the first half of 2026, boosting profit and cash flow for the six months ended June 30, 2026, but the company trimmed 2026 copper production guidance after July storms temporarily shut Los Pelambres.

Stronger Half-Year Results and Guidance Cut

For the six months ended June 30, 2026, Antofagasta reported a 72% year-over-year rise in pretax profit to $2.0 billion. EBITDA increased 27% to $2.84 billion, operating cash flow jumped 53% to $2.77 billion, and revenue rose 18% to $4.48 billion. The company attributed the gains to higher realized copper prices, stronger by-product credits from gold and molybdenum, productivity improvements, and cost control.

Despite the improved cash generation, Antofagasta lowered its full-year copper production guidance to 625,000–655,000 tonnes from 650,000–700,000 tonnes. The revision followed severe weather in July that temporarily halted production at Los Pelambres, one of the company’s Chilean mines. The company also cited lower ore grades at Centinela and Los Pelambres as factors in the production shortfall. Secondary reports indicated that guidance for cash costs and capital expenditures remained broadly unchanged, with investment in growth projects continuing.

Major expansion projects remain on track for commissioning in 2027 and are expected to increase production by about 30%. This frames the current guidance cut as a near-term disruption relative to the company’s longer-term capacity growth. The stronger cash flow reported in the first half supports the continuation of these projects and Antofagasta’s investment plans.