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Citi has kept a Buy rating and £44 target price on Antofagasta PLC (LSE:ANTO), the London-listed copper producer, despite lowering its 2026 production forecast after weather disruption at Los Pelambres. Citi expects Antofagasta to produce 634,000 tonnes of copper this year, towards the lower end of the company's revised guidance of 625,000 to 655,000 tonnes.

Antofagasta plc (ANFGF) Q2 2026 Earnings Call Transcript

Shares in Antofagasta PLC (LSE:ANTO), the Chilean copper miner and FTSE 100 constituent, fell 5% to 3,835p after the group cut its production forecast for the year despite a forecast-beating set of half-year results. The company now expects to produce between 625,000 and 655,000 tonnes of copper in 2026, down from earlier guidance of 650,000 to 700,000 tonnes.

Higher prices helped offset a rise in operating costs, but the copper miner cut its full-year production outlook after severe weather temporarily closed a mine.

Antofagasta PLC (LSE:ANTO) increased first-half earnings and cash generation as stronger realised commodity prices and cost discipline offset lower copper production, while its major expansion projects continued towards commissioning in 2027. Revenue for the 6 months to June 30, 2026, increased 18% year-on-year to US$4.48 billion, while EBITDA rose 27% to US$2.84 billion.