Image source: © 2025 Krish Capital Pty.Ltd

Highlights

  • Revenue increased 34.6 percent year on year supported by higher copper and gold volumes
  • EBITDA rose 60.2 percent year on year driven by lower cash costs and credits
  • Profit before tax grew 63.1 percent year on year offset by higher depreciation charges

Antofagasta PLC (LSE: ANTO) is an FTSE 100 index listed company engaged in copper mining. It operates four copper mines in Chile. Besides, the company has a transport division as well in Northern Chile, to serve mining customers.

In the first half of FY2025, ANTO’s revenue amounted to USD 3,977.4 million compared with USD 2,955.2 million in the prior corresponding period, reflecting a 34.6% increase. The growth was supported by higher copper sales volumes, up 18.4%, a 53% rise in gold sales volumes, and a 3% increase in realised copper prices.

EBITDA for the period was USD 2,234.2 million, up 60.2% from USD 1,394.4 million a year earlier. The improvement was driven by higher revenues, a 12% reduction in cash costs before by-product credits to USD 2.32 per pound, and favourable by-product credits. Profit before tax, including exceptional items, reached USD 1,162.0 million, compared with USD 712.6 million in H1 FY2024, an increase of 63.1%. The rise was supported by EBITDA growth, partly offset by higher depreciation and amortisation charges.

Business Update

On 3 September 2025, the company announced the successful pricing of a USD 600 million issuance of 5.625% Senior Unsecured Notes due in 2035. The net proceeds are intended to be allocated toward general corporate purposes.

Company Outlook

For FY2025, ANTO’s copper production guidance remains in the range of 660,000 to 700,000 tonnes. In the second half, production is expected to be supported by stable concentrator output, although pipeline maintenance at Los Pelambres is anticipated to reduce volumes by 5,000 to 10,000 tonnes.

Cash cost guidance is unchanged at USD 2.25 to 2.45 per pound before credits and USD 1.45 to 1.65 per pound after credits, with by-products continuing to provide an offset. Full-year capital expenditure is maintained at USD 3.9 billion, reflecting ongoing investment in the Los Pelambres expansion and Centinela growth projects.

Top 10 Shareholders

The top 10 shareholders of ANTO collectively account for approximately 72.94% of the company’s total shareholding. The largest holdings are with the E. Abaroa Foundation, which owns around 60.66%, followed by Jean-Paul Luksic with about 4.26%.

Stock Information

As of closing price of 11 September 2025, the stock has gained  approximately 5.87% over the past  month, while gaining around 25.1% over the past six months. It has a 52-week low and 52-week high of GBX 1,278.00 and GBX 2,225.00, respectively, and is currently trading above the average of 52-week high-low level. 

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 11 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.