Chile-based copper producer Antofagasta reported lower copper and molybdenum production in the first nine months of the year, but third-quarter copper output recovered from the previous quarter on stronger performance at its Los Pelambres mine.
Copper production totalled 436,900t in January-September, down by 8.3pc on the year. The decline was driven by lower-ore grades at Centinela Concentrates and lower recoveries at Centinela Cathodes.
Third-quarter copper production rose by 7pc from the previous quarter to 151,900t, supported by higher output at Los Pelambres following the drawdown of inventories accumulated in the second quarter. Los Pelambres increased production by 17.5pc on the quarter to 79,300t, offsetting weaker performance elsewhere in Antofagasta's portfolio. Copper grades and throughput at Los Pelambres are expected to increase in the fourth quarter, the company said.
Antofagasta maintained its 2026 copper production guidance of 625,000-655,000t and issued 2027 guidance of 630,000-690,000t, reflecting expectations of higher grades at Los Pelambres, but partially offset by lower grades at Centinela Concentrates.
Molybdenum
By-product molybdenum production fell more sharply than copper output, dropping by 21.1pc on the year to 9,000t in the first nine months of 2026.
The company attributed the decline primarily to lower molybdenum grades at Los Pelambres, where January-September molybdenum production fell by 23.9pc to 6,700t.
Third-quarter molybdenum production declined by 6.5pc from the previous quarter to 2,900t because lower recoveries and grades at Los Pelambres outweighed improved grades and recoveries at Centinela Concentrates.
