Antofagasta 2025 copper output misses guidance

Antofagasta on Thursday reported a 1.6% fall in 2025 copper production to 653,700 metric tons, missing its guidance, as higher output at key projects was offset by lower ore grades.

The miner had previously forecast production of 660,000–700,000 tons, compared with guidance of 670,000–710,000 tons for 2024.

The miner, which operates four copper mines in Chile, kept its 2026 output outlook unchanged at between 650,000 and 700,000 tons, with higher output expected from Los Pelambres.

Copper, a critical metal for the global energy transition and artificial intelligence technologies, has seen demand strengthen amid tightening supply.

The company expects capital expenditure of $3.4 billion, helped by continued depreciation of the Chilean peso. That compares with previously guided 2025 capex of $3.6 billion.

Chile’s environmental regulator on January 23 said it had fined Antofagasta Minerals about $775,000 for failing to comply with water management regulations at its Centinela mine between 2019 and 2020.

The company has long sought to expand its Centinela operations, as Chile faced a prolonged drought that has exacerbated water shortages across the country’s key mining regions.

(By Clara Denina; Editing by Louise Heavens)