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Antofagasta ( (GB:ANTO) ) has shared an announcement.
Antofagasta reported first-quarter 2026 copper production of 143,000 tonnes, down 8% year-on-year due to lower processing rates and grades at its main concentrators, while gold output rose 8% and molybdenum was broadly stable. Despite higher underlying cash costs of $2.77 per pound amid increased energy and consumable prices, strong by-product credits from higher gold and molybdenum prices drove net cash costs down 30% to $1.08 per pound, underscoring the resilience of its diversified revenue base.
Management reaffirmed full-year guidance for copper production of 650,000–700,000 tonnes, cash costs and $3.4 billion of capital expenditure, as major growth projects at Centinela and Los Pelambres remain on schedule and on budget. The company highlighted a fatality-free start to 2026, ongoing work to secure long-term water access for Los Pelambres, and a board succession change, signalling operational stability and continued investment in expanding capacity by around 30% in a supportive copper price environment.
The most recent analyst rating on (GB:ANTO) stock is a Hold with a £3200.00 price target. To see the full list of analyst forecasts on Antofagasta stock, see the GB:ANTO Stock Forecast page.
Spark’s Take on ANTO Stock
According to Spark, TipRanks’ AI Analyst, ANTO is a Outperform.
The score is driven primarily by solid underlying financial performance and a strong technical uptrend, reinforced by a constructive earnings outlook with funded growth projects. Offsetting these positives are elevated valuation (high P/E, low yield) and balance-sheet/free-cash-flow risks from higher leverage and recent negative FCF during peak CapEx.
To see Spark’s full report on ANTO stock, click here.
More about Antofagasta
Antofagasta plc is a Chile-focused mining company specialising in copper production, with significant by-product exposure to gold and molybdenum. Its core operations include the Los Pelambres and Centinela mines, supported by growth projects such as the Centinela Second Concentrator and expansions at Los Pelambres, positioning the group as a key supplier in global copper markets.
Average Trading Volume: 1,614,423
Technical Sentiment Signal: Buy
Current Market Cap: £37.15B
See more insights into ANTO stock on TipRanks’ Stock Analysis page.