London, Jan 23, 2026, 09:20 GMT — Regular session
- Antofagasta plc slipped 0.6% to 3,495p in early London trade, according to the company’s website. 1
- The U.S. House has voted to overturn Minnesota’s mining ban, reviving Antofagasta’s Twin Metals project. The Senate now faces the decision. 2
- Investors await Antofagasta’s quarterly production update on Jan. 29 for new details on output and costs. 3
Antofagasta plc shares slipped 0.6% to 3,495 pence by 0919 GMT, down 22 pence from yesterday’s close at 3,517p, according to LSE.co.uk data. London’s mining sector showed a mixed picture: Rio Tinto gained 0.3%, whereas Anglo American and Glencore both drifted lower. 4
Investors are weighing a potential regulatory boost in the U.S. against the volatile copper market. This week, the U.S. House of Representatives narrowly voted 214-208 to overturn a mining ban in northern Minnesota, a move that could breathe new life into Antofagasta’s Twin Metals project, which produces copper, cobalt, and nickel—if the Senate agrees. Twin Metals expressed it was “very appreciative of Congress” for trying to reverse what it called an “unnecessary and detrimental” ban. 5
Copper’s been sending mixed messages. The benchmark three-month copper contract on the London Metal Exchange rose 0.4% to $12,796 a metric ton by 1700 GMT Wednesday, after dropping 1.6% the day before, according to Reuters. Neil Welsh of Britannia Global Markets noted that “structural tightness continues to underpin prices,” even though the spread between the cash contract and the three-month forward — a near-term tightness indicator — shifted from a premium over $100 a ton to a $23.50 discount. Meanwhile, Dan Smith from Commodity Market Analytics expressed skepticism about the recent rebound, with his algorithm flashing a sell signal. He highlighted weakening Chinese demand, pointing to the Yangshan copper premium plunging to $22 a ton, its lowest level in nearly 18 months. 6
Fees along the copper supply chain have come back under scrutiny. Japanese smelters remain locked in talks over 2026 treatment and refining charges—the fees miners pay to convert concentrate into refined copper—and they’re pushing for terms that differ from the China-set benchmarks, Reuters reported. “Negotiations are apparently difficult,” said Tetsuya Tanaka, chairman of the Japan Mining Industry Association, at a news conference. 7
Abroad, the copper rally is beginning to boost producer earnings. Freeport-McMoRan topped quarterly profit forecasts Thursday, helped by rising copper prices, Reuters reported. The company did note a drop in output at its Grasberg mine. 8
Antofagasta, a miner listed in London, focuses primarily on copper. Its stock often moves in line with copper price fluctuations just as much as it reacts to company-specific news. 9
Still, this trade carries risks. The Senate might stall or reject the Minnesota project, and even with political backing, any mine would confront permitting and environmental challenges. On the market front, a drop in copper prices—particularly if demand from China weakens more—could hit miners hard and fast.
Antofagasta’s calendar is coming into focus next. The company is set to release its Q4 2025 production report on Jan. 29, with its full-year 2025 results following on Feb. 17. These updates are expected to clarify near-term forecasts for volumes, costs, and spending. 10
