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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 summary29 Jan, 2026
Production and financial performance
Q4 2025 copper production rose 9% quarter-on-quarter to 177,000 tonnes, with all operations contributing to the increase.
Full year 2025 copper output was 653,700 tonnes, down 2% year-on-year, mainly due to lower production at Centinela Cathodes and Los Pelambres.
Net cash costs for 2025 fell 27% year-on-year to $1.19/lb, a five-year low, driven by higher by-product revenues and cost discipline.
By-product credits reached a record $1.19/lb for the year, up 63%, supported by increased gold and molybdenum output and higher gold prices.
Q4 2025 gold and molybdenum production increased 23% and 13% quarter-on-quarter, respectively.
2026 guidance and outlook
2026 copper production is forecast at 650,000–700,000 tonnes, with Los Pelambres expected to see higher grades.
By-product output in 2026 is projected at 215,000–235,000 ounces of gold and 12.5–14.0 kt of molybdenum.
Group cash costs before by-product credits are expected at $2.30–$2.50/lb, with net cash costs at $1.15–$1.35/lb.
Capital expenditure for 2026 is set at $3.4 billion, with a focus on Centinela and Los Pelambres growth projects.
Major maintenance is scheduled at key operations in Q1 and Q3 2026.
Project development and sustainability
Centinela Second Concentrator and Los Pelambres Growth Enabling Projects remain on track and on budget, targeting completion in 2027.
Centinela project saw progress in civil works and pre-commissioning; Los Pelambres advanced pipeline and desalination plant works.
Zaldívar water supply project is in the preparatory phase, with an investment decision expected in 2026.
Cachorro exploration project received environmental approval for seven years of additional work.
2025 was a fatality-free year, with lost time injury frequency rate below 1.0x.
Impact of $770M negative working capital
2026 capex shift between growth projects
2026 major maintenance impact on production
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Next Antofagasta earnings date
H2 202517 Feb, 2026
Antofagasta
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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