Antofagasta Q1 Copper Output Down 8%

Antofagasta produced 143,000 tonnes copper in Q1 2026, an 8% YoY decline, with sales falling 19.5% to 137,000 tonnes.
Net cash costs fell 30% YoY to $1.08 per pound, aided by a 104% rise in by‑product credits to $1.69/lb.
Gold production rose 8% to 46,500 ounces, with price up 70% to $5,264 per ounce; molybdenum output flat at 3,000 tonnes.
Management expects copper output to recover quarter‑on‑quarter, keeping full‑year guidance of 650‑700k tonnes and $1.15‑$1.35/lb cash cost, with capex $3.4bn.