Mining
Antofagasta is a Chile-focused copper mining group with a portfolio of large-scale mines and development projects. Copper is the main earnings driver, with gold and molybdenum by-products, while major investment is aimed at increasing production and extending asset lives.
Operates and develops copper mines including Los Pelambres, Centinela, Antucoya and ZaldÃvar, processes ore into copper concentrate or cathodes and invests in mine expansions, water infrastructure and exploration.
Mining operations are concentrated in Chile, with copper and by-products sold into global commodity markets serving electricity networks, construction, manufacturing, transport and energy-transition demand.
Copper and gold prices, production volumes, ore grades and recoveries, cash costs, water availability, expansion projects such as Centinela's second concentrator, energy costs and Chilean operating conditions.
Copper-price volatility, extreme weather and water constraints, operational disruptions, lower grades, cost inflation, project delays or overruns, environmental and permitting requirements, taxation and political risk in Chile.
13 August 2026: first-half EBITDA rose 27% to $2.84bn, but severe July rainfall at Los Pelambres prompted a cut in 2026 copper-production guidance to 625,000-655,000 tonnes. The interim dividend was nearly doubled to 30.1 US cents.
Policy is to distribute at least 35% of underlying net earnings, subject to cash needs. The 2025 final dividend of 48.0 US cents went ex-dividend on 16 April 2026. The 2026 interim is 30.1 cents; it is due to go ex-dividend on 3 September and be paid on 30 September.
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