Antofagasta 1H copper output rises on Chilean concentrators

Antofagasta

Antofagasta 1H copper output rose 10.6pc to 314,900t. Antofagasta 1H copper output benefited from Los Pelambres and Centinela. Antofagasta 1H copper output still faced weaker cathode performance.

Concentrate gains offset cathode declines

Second-quarter copper production increased to 160,100t, up 3.1pc year on year. Los Pelambres delivered 143,200t in 1H, up 8.1pc. Meanwhile, its 2Q output rose 4.9pc quarter on quarter to 73,300t on stronger grades and recoveries. Centinela produced 116,200t in 1H, supported by an 84pc surge in concentrate to 80,300t. However, Centinela’s cathode volumes fell 27.5pc to 35,800t.

Centinela’s 2Q copper rose 9pc quarter on quarter to 60,600t. Concentrate advanced 24pc to 44,500t after maintenance completion. As a result, higher throughput and recoveries underpinned the quarter. However, cathode fell 18.7pc to 16,100t on lower grades and processing rates.

Guidance intact as molybdenum surges

Antofagasta reaffirmed 2025 guidance at 660,000–700,000t. Rising by-product output strengthens cost resilience. Molybdenum production climbed 42.3pc to 7,400t in 1H. Los Pelambres contributed 5,700t, up 35.7pc, while Centinela added 1,700t, up 70pc. Second-quarter molybdenum reached 4,400t, up 76pc year on year and 42pc quarter on quarter.

Leach operations softened across the portfolio. Antucoya produced 39,500t of cathode in 1H, down 2pc. Zaldivar delivered 16,000t, down 15.3pc. Therefore, stronger concentrators are counterbalancing weaker leach output.

The Metalnomist Commentary

Concentrator momentum is carrying 2025 performance while leach assets lag. Watch sustained grade trends and plant stability at Los Pelambres and Centinela. Robust molybdenum credits could cushion unit costs if copper prices wobble.