Antofagasta on Thursday forecast weaker-than-expected production for 2027 and raised its cost guidance amid higher diesel prices.
The London-listed company expects to produce between 630,000 and 690,000 tonnes of copper next year, below its original forecast of 650,000 to 700,000 tonnes.
In August, Antofagasta lowered its 2026 production guidance to between 625,000 and 655,000 tonnes from the previously estimated 650,000–700,000 tonnes, after heavy rainfall and power outages temporarily halted operations at Los Pelambres in July.
Pearce said the increase could point to broader cost pressures across the mining industry, particularly as the International Energy Agency has warned that diesel market pressures could persist into 2027.
Despite the disappointing outlook, Antofagasta reported third-quarter copper production of 151,900 tonnes, up 7% from the previous quarter, driven by higher output at Los Pelambres.
Antofagasta said its major growth projects at Centinela and Los Pelambres remain on track to complete construction and commissioning activities in 2027.
