Chile · Mining
Key Facts
—Output drop Antofagasta’s copper production fell 9.5% year-on-year to 285,000 tonnes in H1 2026, directly reducing Chile’s export revenue and government royalties.
—Key causes Lower ore grades, scheduled pipeline maintenance at Los Pelambres, and reduced throughput at Centinela concentrators drove the decline, signaling structural supply limits.
—Cost pressure Cash costs before credits jumped 17% to $2.61/lb, partly on a stronger Chilean peso, squeezing miner margins when converted to local-currency expenses.
