Antofagasta third-quarter copper output rises 7%, backs 2026 forecast

LONDON, Oct 15 (Reuters) - Chilean miner Antofagasta ANTO.L on Thursday reported a 7% rise in third-quarter copper production and maintained its annual guidance, as stronger output in the final months of 2026 is expected to offset losses incurred in the first quarter.

The company produced 151,900 metric tons of copper in the third quarter, bringing year-to-date output to 436,900 tons, down 8.3% from the same period in 2025.

A 7.6% drop in the first quarter due to lower grades and recoveries at Centinela led the company to cut its 2026 output estimate to between 625,000 tons and 655,000 tons earlier this year. A previous forecast had stood between 650,000 and 700,000 tons.

It also expects 2027 production at 630,000 tons to 690,000 tons on higher grades at Los Pelambres. The mine was shut down in July after extreme rains prompted Chile's government to declare a "state of catastrophe" in the Coquimbo region.

The London-listed miner again raised estimates for cash costs before by-product credits to between $2.60 and $2.70 per pound, from $2.40 to $2.60 previously due to persistently higher fuel prices.