Antofagasta sees annual copper output at lower end of guidance

LONDON (Reuters) -Chilean miner Antofagasta reported on Thursday a modest 1% rise in third-quarter copper production, and said it expects annual output at the lower end of its forecast range of 660,000-700,000 metric tons.

Antofagasta produced 161,800 tons of copper in the third quarter, bringing year-to-date production to 476,600 tons, a 2.8% increase compared with the same period in 2024.

The company operates four copper mines in Chile and is expanding output to meet growing demand from the power, construction, and green energy transition sectors.

It lowered its capital expenditure guidance for the year to $3.6 billion, from $3.9 billion previously, due to depreciation of the Chilean peso.

"The capex guidance for 2025 is revised... which we see as being deferred for spending in 2026," Citi analysts said.

Antofagasta now expects 2026 copper production to be between 650,000 and 700,000 tons, with higher output from Los Pelambres.

"A low guidance (for 2026) at one of the best run mining operations is likely to be another example of supply constrained for (the) global copper market," Citi said.

Copper prices hit $11,000 per ton on October 9, within touching distance of their all-time high of $11,104.50 set in May 2024.

(Reporting by Clara Denina, Nithyashree R B; Editing by Mrigank Dhaniwala and Susan Fenton)