Antofagasta Raises 2026 Cash-Cost Outlook After Q3 Copper Output Gains 7%

Antofagasta raised its 2026 cash-cost forecast after third-quarter copper production increased 7% from the prior quarter, while keeping its full-year output target unchanged amid elevated global diesel prices. The Chilean miner produced 151,900 metric tons of copper in Q3. Its forecast for cash costs before by-product credits rose to $2.60 to $2.70 per pound, from $2.40 to $2.60. Antofagasta kept its 2026 copper production guidance at 625,000 to 655,000 metric tons. Production for the first nine months of 2026 totaled 436,900 metric tons, down 8.3% from the same period a year earlier. Los Pelambres drove the quarterly increase as it completed the drawdown of inventories accumulated in the prior quarter and showed resilience following severe weather in July.

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