Antofagasta (ANTO) Status update summary

Production and guidance

• Q3 2026 copper production was 151,900 tonnes, up 7% QoQ; YTD output was 436,900 tonnes, down 8.3% YoY.

• Q3 copper sales rose 30.5% QoQ to 170,700 tonnes; gold production fell 4.3% to 44,300 oz and molybdenum output fell 6.5% to 2,900 tonnes.

• FY 2026 copper guidance remains 625,000–655,000 tonnes; cash cost guidance before by-product credits increased to $2.60–2.70/lb from $2.40–2.60/lb, while net cash cost guidance remains $1.15–1.35/lb.

• 2027 copper production guidance is 630,000–690,000 tonnes, reflecting higher grades at Los Pelambres, partly offset by lower grades at Centinela Concentrates.

• FY 2026 capital expenditure guidance remains $3.4bn, excluding Zaldívar.

Costs and market

• Q3 cash costs before by-product credits were $2.73/lb, down 7.1% QoQ; net cash costs were $1.38/lb, up 1.5% QoQ.

• YTD cash costs before by-product credits were $2.81/lb, up 19.6% YoY; net cash costs were $1.28/lb, up 3.2% YoY.

• Lower Q3 underlying costs reflected higher Los Pelambres output, completion of Centinela’s labour agreement in the prior quarter and lower treatment charges; elevated diesel prices drove the FY guidance revision.

• Q3 average market copper price was $6.40/lb, up 5.8% QoQ; realised copper price was $6.79/lb, up 3.3% QoQ.

Projects and safety

• Centinela Second Concentrator pre-commissioning advanced: primary crusher and overland conveyor began initial operation, and integrated no-load tests were completed on key material-handling components.

• Los Pelambres pipeline works continued, including installation, lining and testing; initial hydraulic tests began on the lower section. Desalination expansion pre-commissioning also continued.

• Major growth projects remain on schedule for construction and commissioning completion in 2027.

• Q3 had no fatalities; lost-time injury frequency remained below 1.0, and sites and projects surpassed five years without a fatal accident.