How Is Antofagasta Plc (LSE:ANTO) Trading Today?

Antofagasta Plc (LSE:ANTO) shares eased 1.99% to around 3,153p today. The move follows a third-quarter update in which copper output rose 7% from the previous quarter and full-year guidance was maintained.

The company produced 151,900 tonnes of copper in the third quarter, its best quarterly performance of 2026. Output for the first nine months totalled 436,900 tonnes, and the group confirmed 2026 production guidance of 625,000 to 655,000 tonnes.

Copper miners often trade in line with metal prices and global growth expectations, so daily moves can reflect wider Commodity sentiment.

About Antofagasta Plc

Antofagasta is a London-listed Chilean copper miner. Its main operations are Los Pelambres, Centinela, Antucoya and Zaldívar, supported by a transport division in Chile. Gold, molybdenum and silver are produced as by-products.

The group is majority-owned by the Luksic family and is led by Executive Chairman Iván Arriagada. Its projects are focused on expanding output in Chile, where it has set a target to increase copper production by around 30%.

LSE:ANTO provides listed exposure to copper, a metal linked to electrification, power networks, renewable energy and electric vehicles.

Its copper Business is complemented by by-product Revenue from gold and molybdenum, which can add Diversification when copper volumes or prices change. The group also has a long track record of operating in Chile, one of the world's leading copper-producing countries, with established infrastructure, skilled labour and Mining expertise.

Q3 2026 Operating Update

Third-quarter copper production of 151,900 tonnes was 7% above the second quarter, supported by higher output at Los Pelambres following the drawdown of inventories accumulated in the previous period. Los Pelambres produced 79,300 tonnes, up 17.5% quarter on quarter.

Gold production was 44,300 ounces in the quarter and 137,100 ounces for the year to date, while molybdenum output was 2,900 tonnes in the quarter and 9,000 tonnes for nine months.

The company noted that no fatal accidents have occurred for more than five years, a result it said remained among the better indicators in its industry during extreme weather events this year.

Year-to-date copper production was 8.3% lower than the same period of 2025, mainly because of lower ore grades at Centinela Concentrates and lower recoveries at Centinela Cathodes earlier in the year. The third-quarter improvement therefore marks a helpful step towards the full-year target, with higher production expected from Los Pelambres in the final months.

Guidance for 2026 and 2027

Antofagasta maintained 2026 copper guidance of 625,000 to 655,000 tonnes and introduced 2027 guidance of 630,000 to 690,000 tonnes. The 2027 range reflects expected higher grades at Los Pelambres, partly offset by lower grades at Centinela Concentrates.

Annual Capital Expenditure guidance has been set at $3.4 billion, supporting growth projects and sustaining investment.

Weather Resilience at Los Pelambres

Los Pelambres paused operations in July after extreme rains led the Chilean government to declare a state of catastrophe in the Coquimbo region. The group's quarterly update showed the operation returning to production and shipping accumulated concentrate inventories.

The Executive Chairman said the operation's ability to restart safely demonstrated the resilience of the asset portfolio.

Growth Projects

Antofagasta is progressing a significant Investment programme in Chile. Key projects include the Los Pelambres expansion, which benefits from a desalination plant and concentrate pipeline, and the Nueva Centinela development, which includes a second concentrator at Centinela.

The company said these projects remain on track in terms of timing and budget. Once complete, they are intended to lift copper output and extend the life of core assets.

Financial Backdrop

In 2025, Antofagasta's revenue grew 30% to $8.62 billion, and operating profit from subsidiaries and associates and joint ventures climbed 64% to $3.43 billion. The year to date has seen copper prices at elevated levels, which provides a supportive pricing environment.

Management has described the medium-term fundamentals for copper as compelling, with structural Demand drivers and constrained supply.

Growth Catalysts

The main catalysts for LSE:ANTO include higher grades at Los Pelambres, the continued delivery of expansion projects, steady by-product output and the long-term demand outlook for copper.

Quarter-on-quarter production growth through the remainder of 2026 is also an important operational milestone for the group.

Copper demand is expected to be supported by grid upgrades, renewable power generation, electric vehicles and data centre construction, while new Supply can take many years to develop. This combination has underpinned a constructive view of the metal's medium-term fundamentals across the industry and is relevant to Antofagasta's expansion plans.

Factors to Monitor

Mining output is influenced by ore grades, recoveries, weather, water availability and energy costs. Copper prices and exchange rates also affect reported earnings.

Investors typically follow quarterly production updates, unit cost progress and project milestones.

Conclusion

Antofagasta's 1.99% move to around 3,153p today follows a quarter in which copper production rose 7% to 151,900 tonnes and guidance was confirmed.

Los Pelambres performance, project delivery, grades and copper prices remain the main themes for LSE:ANTO.