Antofagasta of Chile Produced 151,900 Tonnes of Copper in Q3, Up 7% QoQ

en.Wedoany.com Reported - On October 15, mining group Antofagasta released its Q3 2026 production report. Its Chilean copper mining operations produced 151,900 tonnes of copper in the quarter, up 7% quarter-on-quarter, marking the highest quarterly output of the year. Cumulative copper production for the first three quarters reached 436,900 tonnes, down 8.3% year-on-year. The company maintained its full-year 2026 copper production guidance of 625,000 to 655,000 tonnes and for the first time published its 2027 production forecast of 630,000 to 690,000 tonnes. The Q3 copper production recovery was mainly driven by increased output at the Los Pelambres mine and the processing of previously accumulated copper concentrate inventory.

The Los Pelambres mine was affected by heavy rainfall in the Coquimbo region in July, then resumed production and completed shipments of copper concentrate inventory accumulated in the previous quarter during Q3. The group's copper sales for the quarter reached 170,700 tonnes, up 30.5% quarter-on-quarter. Gold production during the same period was 44,300 ounces, down 4.3% quarter-on-quarter; molybdenum production was 2,900 tonnes, down 6.5% quarter-on-quarter. Gold and molybdenum production for the first three quarters were 137,100 ounces and 9,000 tonnes, respectively.

Antofagasta's cash costs before by-product credits for Q3 copper production were $2.73 per pound, down 7.1% quarter-on-quarter, mainly due to increased production at Los Pelambres, the settlement of the Centinela labor agreement, and lower copper concentrate treatment charges. Net cash costs after by-product credits were $1.38 per pound, up 1.5% quarter-on-quarter. The company raised its full-year 2026 cash cost guidance before by-product credits to $2.60 to $2.70 per pound, while maintaining its full-year capital expenditure plan at $3.4 billion.

The group's Centinela Second Concentrator project completed initial operational testing of the primary crusher in Q3, the long-distance conveyor reached its rated operating speed during testing, and the main equipment of the material handling system completed integrated no-load testing. The Los Pelambres Growth project continued to advance the copper concentrate pipeline and seawater desalination plant expansion works, with the first hydrostatic test initiated on the lower section of the pipeline and pre-commissioning underway for the main systems of the desalination plant. The company expects both major growth projects to complete construction and commissioning in 2027.