Antofagasta lifts first-half EBITDA 27% as copper prices strengthen and growth projects advance

Antofagasta PLC (LSE:ANTO) increased first-half earnings and cash generation as stronger realised commodity prices and cost discipline offset lower copper production, while its major expansion projects continued towards commissioning in 2027. Revenue for the 6 months to June 30, 2026, increased 18% year-on-year to US$4.48 billion, while EBITDA rose 27% to US$2.84 billion. The EBITDA margin expanded by 5 percentage points to 63.4%. Profit before tax climbed 72% to US$2.0 billion and operating cash flow increased 53% to US$2.77 billion. Antofagasta declared an interim dividend of 30.1 US cents per share, up 81% from 16.6 cents a year earlier and representing 35% of underlying net earnings. Copper production lower but costs contained Group copper production was 285,000 tonnes in the first half, down 9% year-on-year, principally reflecting lower production at the Los Pelambres and Centinela operations. Net cash costs nevertheless fell 8% to US$1.22 per pound, supported by stronger by-product credits and cost controls. Antofagasta's competitiveness program delivered US$67 million of savings and productivity improvements during the period and remains on track for its US$110 million full-year target. The company revised its 2026 copper production forecast to between 625,000 and 655,000 tonnes following severe weather in Chile that prompted a precautionary shutdown at Los Pelambres. Operations have since resumed, with mining and processing activities progressively increasing. Inspections found no material damage to key equipment and infrastructure, although repairs are required to some pipeline platforms and water management systems.