Business
Q1 2026 Production Report
Antofagasta plc reported strong net cash cost performance in Q1 2026, with group net cash costs at 108c/lb, driven by contributions of 72c/lb from Los Pelambres and 34c/lb from Centinela. Copper production for the quarter was 143,000 tonnes, down 7.6% year-on-year, while gold production increased 8.4% to 46,500 ounces. The company's key growth projects, including the Centinela Second Concentrator and Los Pelambres Growth Enabling Projects, are advancing as planned, aiming to increase copper production by 30%. Full-year copper production guidance remains 650,000-700,000 tonnes, with unchanged cash cost and capital expenditure guidance. Disclaimer*
About this update from Antofagasta Plc
Q1 2026 PRODUCTION REPORT STRONG net cash cost performance in a constructive copper price environment Antofagasta plc CEO, Iván Arriagada said: "We are pleased to report another strong quarter of cash cost performance. Our net cash costs during the quarter were 108c/lb at the Group level, including 72c/lb and 34c/lb at Los Pelambres and Centinela respectively, which demonstrates the quality of our portfolio, including our meaningful exposure to gold and molybdenum. "As we move through the year, we expect copper production to increase quarter‑on‑quarter, supported by higher ore processing rates and improving grades at Los Pelambres, in line with the mine plan. "Our key growth projects continue to advance in line with expectations. Pre‑commissioning activities are now underway at the Centinela Second Concentrator Project, while progress across the Los Pelambres Growth Enabling Projects continues to strengthen the operational platform for future production growth, as we look to increase our copper production by 30%. "Against a backdrop of higher energy prices, we remain focused on safety, operational excellence, disciplined cost control and the timely execution of our growth and development projects, while maintaining resilient supply chains, and to date we have experienced no supply disruptions. The copper price remains constructive in 2026, and the medium‑term fundamentals for copper are compelling, underpinned by structural demand drivers and constrained supply." GROUP PRODUCTION AND CASH COSTS Year to date Q1 Q4 2026 2025 % 2026 2025 % Copper production Kt 143.0 154.7 (7.6) 143.0 177.0 (19.2) Copper sales Kt 137.0 170.2 (19.5) 137.0 201.0 (31.8) Gold production Koz 46.5 42.9 8.4 46.5 66.3 (29.9) Molybdenum production Kt 3.0 3.1 (3.2) 3.0 4.4 (31.8) Cash costs before by-product credits (1) $/lb 2.77 2.37 16.9 2.77 2.44 13.5 Net cash costs (1) $/lb 1.08 1.54 (29.9) 1.08 1.05 2.9 (1) Cash cost is a non-GAAP measure used by the mining industry to express the cost of production in US dollars per pound of copper produced. HIGHLIGHTS PRODUCTION · Copper production in Q1 2026 was 143,000 tonnes, 8% lower on a year-on-year basis, following lower processing rates, and lower copper grades in line with the mine plan at the Group's two concentrators - Los Pelambres and Centinela Concentrates. · Gold produ...