Antofagasta optimistic on copper outlook; notes heightened uncertainty

(Alliance News) - Antofagasta PLC Chair Jean-Paul Luksic on Thursday, at the company's annual general meeting, said the outlook for copper "remains compelling".

Shares in the London-based miner operating in Chile were up 3.5% at 3,952.00 pence on Thursday afternoon in London. The wider FTSE 100 index was down 0.6%.

Chair Luksic hailed the company's "record" financial performance in 2025, noting the year was one of "strong delivery" for Antofagasta.

The chair said operations at Los Pelambres and Centinela continue to demonstrate their quality, scale and long-term potential.

Luksic said construction of the second concentrator project at Centinela is "advancing well", with the project moving into a new phase focused on the completion of the installation of key equipment as well as pre-commissioning work.

At Los Pelambres, the chair explained that work is continuing on the expansion of the desalination plant and the new concentrate pipeline.

"Together, these projects are expected to help increase our copper production by around 30% before 2030, while also improving margins, extending mine lives and enhancing operational resilience," noted Luksic.

The company also noted "important" progress in advancing its longer-term options, including exploration projects in Chile, Peru and the US.

Chair Luksic drew reference to the prior year's AGM, where he discussed uncertainty in both the global economy and domestic policy environment.

"Since then, we have seen positive progress in the policy environment in Chile, with greater clarity and continued support for investment following the recent presidential election. Today we have a consensus on the need to support economic growth, encourage investment and improve the efficiency of permitting processes, which are all important factors for the long-term competitiveness of the mining sector," said Luksic.

"In respect of the macro-economic environment, we are seeing a heightened level of uncertainty, with resilience an important theme for companies in today's environment."

By Christopher Ward, Alliance News reporter

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