Antofagasta Navigates Mixed Production Landscape in 2025 with Gold Momentum

Mining giant Antofagasta faced a challenging year in copper production during 2025, with output declining 2% year-on-year to 653,700 tonnes. However, the company offset headwinds in its flagship commodity through stronger performance across its precious metals and specialty metals divisions, signaling a diversified operational strategy that may support future growth momentum.

Antofagasta’s Copper Decline Contrasts With Gold Success

The 2% contraction in Antofagasta’s copper volumes reflects broader industry pressures, yet the company delivered impressive results elsewhere. Full-year gold production surged 13% to 211,300 ounces, marking a substantial increase from the prior year. Even more striking was molybdenum output, which jumped 48% year-on-year, demonstrating the company’s ability to maximize by-product recovery and enhance overall operational value despite copper headwinds.

2026 Production Outlook: Los Pelambres Expansion in Focus

Looking ahead, Antofagasta has provided guidance indicating total copper production for 2026 will likely range between 650,000 and 700,000 tonnes, suggesting recovery from 2025 levels. The anticipated gain stems largely from incremental output at Los Pelambres, the company’s flagship Chilean copper operation. Gold by-products are forecast at 215,000-235,000 ounces, while molybdenum is projected between 12.5-14.0 tonnes, maintaining the strong momentum seen in 2025.

Market reaction to these mixed results has been modest, with Antofagasta shares trading down 1.28% to 3,708 pence at the previous close, reflecting investor caution despite the copper production recovery anticipated for the year ahead.