This is an updated version of the report published on February 24, 2026, at 10:08 AM GMT

Antofagasta PLC (LSE: ANTO)

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. 

This Report covers the Investment Highlights, Conclusion, and Recommendation on the stock.

Key Recommendation Rationale – Sell at GBX 4,168.00

• Commodity Price Dependence: Antofagasta’s earnings are highly sensitive to copper prices, and any decline in global copper demand or prices could significantly impact revenue, margins, and profitability.
• Peak Capex and Cash Outflows: Capital expenditure peaked at $3.7 billion in 2025 and remains elevated, which could pressure free cash flow generation and limit near-term shareholder returns.
• Production and Execution Risk: Delays or operational challenges in major projects such as Centinela and Los Pelambres could impact future production growth and expected cost efficiencies. 

Valuation Methodology: Price/ Earnings Approach

Share Price Chart  

One Year Technical Price Chart (as of February 24, 2026). Source: REFINITIV

Conclusion

ANTO is expected to trade at a discount, considering valuation downside and commodity price dependence. For conducting the valuation, the following peers have been considered – Rio Tinto PLC (LSE: RIO), Glencore PLC (LSE: GLEN) and others.

Given its current trading levels, peak capex, cash outflows, cost inflation, margin risk, exposure to global economic cycles, valuation risk, recent rally in the share price, and associated risks, it is prudent to exit the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of GBX 4,168.00 on 24^th February 2026 at 08:10AM GMT.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 24 February 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and/or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.