London, Jan 29, 2026, 09:29 GMT — Regular session
- Shares in Antofagasta rose following its fourth-quarter production report, which showed reduced unit costs and a boost in by-product output
- The miner maintained its 2026 copper forecast and outlined capital expenditures for a year focused on heavy construction
- The next key date for investors is Feb. 17, when full-year results will provide more clarity on cash returns and project delivery
Antofagasta (ANTO.L) shares surged roughly 6% in early London trade Thursday, hitting around 3,938 pence after closing at 3,708 on Wednesday. The stock started the day at 3,864 pence and fluctuated between 3,852 and 3,975 pence, per 7 .
The company reported a 9% rise in fourth-quarter copper production from the previous quarter, reaching 177,000 tonnes. Full-year output, however, fell 1.6% to 653,700 tonnes. Gold output climbed 13% in 2025 to 211,300 ounces, while molybdenum surged 48% to 15,800 tonnes. These gains helped slash full-year net cash costs by 27%, down to $1.19 per pound—a key mining industry cost metric after by-product credits. “Copper’s outlook remains compelling,” said CEO Iván Arriagada, as the company maintained its 2026 copper guidance between 650,000 and 700,000 tonnes and signaled capital spending of $3.4 billion for the year. 1
Analysts zeroed in on both sales and costs, not just production figures. Fourth-quarter copper sales hit 201,000 tonnes, surpassing RBC Capital Markets’ forecast of 192,000 tonnes and the Visible Alpha consensus of 187,000. Quarterly net cash costs landed at $1.05 per pound, coming in below expectations, Investing.com reported. 2
The rally came alongside gains in London’s mining sector, with gold climbing past $5,500 an ounce to a new high. Heavyweights Glencore, Anglo American, and Rio Tinto all pushed higher early on. Antofagasta stood out as one of the top FTSE 100 performers, Alliance News noted. 3
Antofagasta announced in a separate filing Wednesday that non-executive director Andrónico Luksic Craig resigned effective Jan. 27. Andrónico Luksic Lederer will join the board starting March 1, after leaving his executive development role. Chairman Jean-Paul Luksic commented that Lederer’s “breadth of experience will be of great benefit” to the company. 4
Still, the production update failed to smooth out the operational challenges tied to Chilean mining. Antofagasta fell short of its 2025 copper targets as declining ore grades offset gains from ramped-up output at major sites. It’s a clear sign that grades and water availability continue to shape volumes and costs. 5
Net cash costs have been buoyed by strong by-product prices, but that edge could vanish fast if gold or molybdenum prices dip. The real challenge will be whether project execution can keep up as construction ramps up.
Investors are also focusing on how 2026 costs respond to currency shifts, particularly the peso, and if the company manages to hold unit costs close to today’s figures despite heavy growth spending.
Antofagasta will report its full-year 2025 results on Feb. 17. Investors will focus on cash returns, how capital is being allocated, and the transition from current expansion efforts to increased production. 6
