Antofagasta Cuts Net Costs to Five-Year Low as Growth Projects Stay on Track

Antofagasta ( (GB:ANTO) ) just unveiled an announcement.

Antofagasta reported a strong finish to 2025, with fourth-quarter copper production rising 9% to 177,000 tonnes and full-year net cash costs dropping 27% to $1.19 per pound, a five-year low, helped by higher gold and molybdenum by-product output and firmer gold prices. While full-year copper production edged down 2% to 653,700 tonnes, gold output climbed 13% and molybdenum surged 48%, underscoring the benefit of the group’s diversified by-product stream. Management reaffirmed that its major growth projects at Centinela and Los Pelambres remain on time and on budget and are expected to be completed in 2027, ultimately adding around 30% to copper volumes and lowering costs, supported by a planned $3.4 billion in capital expenditure for 2026. The company guided 2026 copper production to 650,000–700,000 tonnes with broadly stable net cash costs of $1.15–$1.35 per pound, and highlighted continued progress on key infrastructure including the Centinela Second Concentrator, Los Pelambres’ pipeline and desalination expansions, and long-term water supply and exploration initiatives. Antofagasta also maintained a strong safety record with another fatality-free year and secured several multi-year labour agreements, reducing operational risk as it scales up its growth programme in a structurally tight copper market.

The most recent analyst rating on (GB:ANTO) stock is a Hold with a £4060.00 price target. To see the full list of analyst forecasts on Antofagasta stock, see the GB:ANTO Stock Forecast page.

Spark’s Take on GB:ANTO Stock

According to Spark, TipRanks’ AI Analyst, GB:ANTO is a Neutral.

Antofagasta’s overall stock score reflects strong technical momentum and positive earnings call sentiment, offset by valuation concerns and cash flow challenges. The company’s robust operational efficiency and strategic initiatives are promising, but the high P/E ratio and cash flow issues warrant caution.

To see Spark’s full report on GB:ANTO stock, click here.

More about Antofagasta

Antofagasta plc is a London-listed Chilean mining group focused primarily on copper, with additional production of gold and molybdenum as by-products. Operating major assets such as Los Pelambres, Centinela, Antucoya and Zaldívar, the company targets large-scale, long-life deposits in Chile, supplying copper into global markets driven by energy transition, electrification and advanced technologies.

Average Trading Volume: 1,149,185

Technical Sentiment Signal: Buy

Current Market Cap: £37.22B

See more data about ANTO stock on TipRanks’ Stock Analysis page.