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Antofagasta (ANTO) investor relations material
Antofagasta Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status Update summary23 Oct, 2025
Production and operational performance
Q3 2025 copper production was 161,800 tonnes, up 1% quarter-on-quarter, with year-to-date output at 476,600 tonnes, a 3% increase year-on-year, mainly due to higher production at Centinela Concentrates.
Gold production in Q3 2025 rose 12% to 53,900 ounces, and year-to-date gold output increased 22% to 145,000 ounces, driven by higher grades at Centinela and Los Pelambres.
Molybdenum production in Q3 2025 was 3,900 tonnes, down 11% quarter-on-quarter, but year-to-date output was up 44% to 11,400 tonnes.
Los Pelambres Q3 copper production was 73,000 tonnes, steady quarter-on-quarter, while Centinela produced 61,100 tonnes, also in line with the previous quarter.
Antucoya and Zaldívar saw lower year-to-date copper production, with Antucoya down 3% and Zaldívar down 13% year-on-year.
Cost performance and guidance
Net cash costs in Q3 2025 were $1.07/lb, 4% lower quarter-on-quarter, supported by record by-product credits of $1.35/lb from higher gold output and pricing.
Year-to-date net cash costs were $1.24/lb, reflecting increased by-product credits and lower underlying costs.
FY 2025 net cash cost guidance was lowered to $1.20–1.30/lb, and capex guidance reduced to $3.6 billion, mainly due to Chilean peso depreciation.
FY 2025 copper production is expected at the lower end of the 660–700kt range, with gold and molybdenum guidance unchanged.
FY 2026 copper production is forecast at 650,000–700,000 tonnes, with further guidance to be provided in January 2026.
Project development and sustainability
All major construction projects, including Centinela Second Concentrator and Los Pelambres growth projects, are progressing on schedule and within budget.
Centinela Second Concentrator advanced with key equipment assembly and civil works; Los Pelambres focused on pipeline and desalination plant expansion.
Maintained strong safety record in 2025, with no fatalities and a total recordable injury frequency rate of 1.74.
Concluded three-year labour agreements at Los Pelambres, Antucoya, and Zaldívar, with one negotiation remaining in 2025.
By-product credit outlook for 2026?
Impact of CLP depreciation on future costs?
Risks to 30% medium-term growth from ore hardness?
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Next Antofagasta earnings date
H2 202517 Feb, 2026
Next Antofagasta earnings date
H2 202517 Feb, 2026
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Frequently asked questions
Antofagasta plc is a mining company primarily focused on the production of copper. The company operates mining assets in Chile, with activities spanning exploration, extraction, and transportation of copper concentrate. It also produces by-products such as gold and molybdenum. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.
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