Antofagasta Maintains Copper Production Guidance for 2025 Amid Incremental Increase at Centinela Mine

Antofagasta

London-listed mining company Antofagasta has kept its copper production guidance steady for 2025, projecting flat output compared to 2024. Despite the stable forecast, the company expects an incremental increase in copper concentrate output at its Centinela mine in Chile.

2024 and 2025 Copper Production Outlook

Antofagasta confirmed that it is on track to meet its copper production guidance for 2024, expecting to finish the year at the lower end of its previously set range of 670,000-710,000 metric tonnes (t) of copper. For 2025, the company projects production to range between 660,000-700,000t, maintaining a stable output despite the minor increase at Centinela. The increase is attributed to a boost in concentrate production at the mine, although specific details were not provided.

Third Quarter Performance

In the third quarter, Antofagasta reported a 3% year-on-year increase in copper production, rising to 179,000t from 173,600t in the same period last year. The increase was largely driven by a partial destocking of inventories at its Los Pelambres mine and improvements in copper grades and recoveries at the Centinela mine. These efforts contributed to a 15.3% quarter-on-quarter rise in copper output, reflecting the company’s ongoing optimization at its operations.

Copper Sales and Molybdenum Production

Alongside the increase in copper output, Antofagasta's copper sales grew by nearly 11.4% year-on-year to reach 176,500t in Q3, marking a 9.3% increase compared to the previous quarter. However, the company faced a decline in molybdenum production, which fell 15% year-on-year to 2,700t. Despite this, it showed an 8% improvement compared to Q2 2024.

Chile's Role in Global Copper Supply

As the world’s largest copper-producing nation, Chile plays a central role in Antofagasta's operations. The company operates four mines in the country, including the Los Pelambres and Centinela mines, which are key contributors to global copper supply. Despite challenges in the mining sector, Antofagasta continues to focus on efficiency improvements and maintaining its production levels.

Antofagasta’s stable production guidance for 2025 comes as the global copper market braces for ongoing fluctuations in demand, particularly from industries like electric vehicles (EVs) and renewable energy. The company's consistent output is indicative of its robust position in the global copper market, with its operations in Chile continuing to be a significant driver for the industry.