Antofagasta increased copper production by 7% to 151,900 tonnes in the third quarter of 2026, as construction and pre-commissioning work progressed at major expansion projects in Chile. Higher operating costs and labour disputes at Centinela remain challenges as the company prepares to bring additional processing capacity online.
Copper production for the first nine months reached 436,900 tonnes, down 8.3% year on year, mainly reflecting lower ore grades, particularly at Centinela. The company maintained its full-year production guidance of 625,000–655,000 tonnes. For 2027, Antofagasta expects copper output to reach 630,000–690,000 tonnes, supported by new capacity entering operation.
Centinela concentrator moves towards commissioning
The Centinela Second Concentrator remains the group’s principal growth project. Primary crushing and conveyor systems have entered the pre-commissioning phase, advancing development of the infrastructure intended to increase processing capacity and support higher long-term copper production.
At Los Pelambres, work continues on concentrate transport infrastructure and expanded desalinated-water capacity. These investments are intended to strengthen operational resilience and improve the mine’s long-term economic performance. Antofagasta expects 2026 capital expenditure of approximately €3.03 billion. The latest update disclosed no new external project-financing package, with the investments already incorporated into the company’s capital programme and being advanced through its existing financing structure.
Higher operating costs and labour disputes weigh on outlook
The company has increased its expected cash cost before by-product credits to approximately €2.32–€2.41 per pound, reflecting higher diesel prices and other operating expenses. Labour relations present an additional risk at Centinela. Two unions representing around one-fifth of the mine’s directly employed workforce have declared a strike, creating uncertainty as commissioning activities accelerate.
The coming operational milestones include resolving labour tensions, completing commissioning activities and translating the new processing capacity into higher copper output.
Chilean expansion remains relevant to copper supply
Antofagasta’s production growth is significant for international copper markets because Chile remains a major source of copper for global manufacturers. European suppliers of grid equipment, cables and renewable-energy infrastructure, alongside other industrial consumers, remain heavily reliant on imported metal. Additional Chilean production could increase copper availability across international markets, even without a dedicated European offtake agreement.
The company’s near-term performance will depend on the progress of its expansion projects, the resolution of labour disputes and its ability to manage rising operating costs while maintaining production targets.
