Bank of America to Buy Up to 49.9% Stake in Jio Credit for $1.92 Billion 
JPMorgan Plans More Asia-Pacific Hiring in 2027 as Corporate Banking Revenue Surges 
Hims & Hers Shares Fall as GLP-1 Costs Widen Q2 Loss 
Anthropic Signs $9.1B AI Data Center Deal With Riot Platforms 
Sanrio Shares Plunge as Q1 Profit Miss Overshadows Strong Sales 
Austal Shares Surge 16% as Hanwha Offers Up to $1.2 Billion for U.S. Shipbuilding Business 
Super Micro Stock Jumps 19% as AI Server Demand Drives Strong 2027 Outlook 
Maersk Raises 2026 Earnings Outlook as Shipping Profits Beat Expectations 
Natura Q2 Profit Plunges 92% as Financial Expenses Weigh on Earnings 
Samsung, SK Hynix Shares Surge on Report of Potential Temasek Investment 
OpenAI Executive Brad Lightcap to Leave for New AI Venture 
Cisco Forecasts Strong Fiscal 2027 Growth as AI Networking Demand Surges 
ADNOC Gas Targets Up to $4B Profit in 2026 
Hanwha Offers Up to $1.2 Billion for Austal US Business 
Lenovo Revenue Surges 43% as AI Demand Drives Record First-Quarter Growth 
Google Pushes Gemini AI Overhaul as Sergey Brin Targets Model Supremacy 
Pandora Shares Rise as Q2 Results Beat Forecasts, 2026 Outlook Raised 
Add as a preferred source on Google
Antofagasta shares fell about 5% in early London trading on Thursday after the Chilean mining group lowered its 2026 copper production forecast following weather-related disruptions at its Los Pelambres mine. The revised outlook overshadowed a strong first-half performance supported by elevated copper prices.
The copper producer reported EBITDA of $2.84 billion for the first six months of 2026, up 27% from $2.23 billion a year earlier. Its EBITDA margin improved by five percentage points to 63.4%, while revenue increased 18% year over year to $4.48 billion. Profit before tax jumped 72% to $1.99 billion.
Antofagasta also raised its shareholder payout, declaring a dividend of 30.1 cents per share, compared with 16.6 cents during the same period last year.
The miner's balance sheet remained relatively strong, although its net debt-to-EBITDA ratio increased to 0.68 times as of June 30 from 0.53 times at the end of 2025.
Investor attention, however, focused on Antofagasta's reduced copper production guidance. The company now expects 2026 output of between 625,000 and 655,000 metric tons, down from its previous target of 650,000 to 700,000 tons.
The downgrade follows a precautionary shutdown at the Los Pelambres copper mine in July after extreme rainfall hit Chile's Coquimbo region, prompting authorities to declare a state of catastrophe. CEO Iván Arriagada said operations have resumed in a safe and orderly manner and that the impact on overall production has been contained.
Antofagasta produced 285,000 tons of copper during the first half, representing a 9% decline from the previous year. Lower production at Los Pelambres and Centinela was primarily responsible for the decrease.
Despite the weaker full-year copper output forecast, Antofagasta expects quarterly production to rise sequentially through the remainder of 2026. Strong copper prices and improving production will therefore remain key factors for Antofagasta shares and the company's earnings outlook.
