Antofagasta EBITDA rises 27% on higher realized copper prices

The Tip Desk · August 13, 2026 · 2 min read

The Chile-based copper producer reported a 53% increase in operating cash flow to $2,772.9 million for the first half of 2026.

Antofagasta Plc, a copper mining company with operations in Chile, reported that EBITDA rose 27% to $2,840.5 million for the six months ended 30 June 2026. The company said the growth was driven by higher revenue, though this was partially offset by an increase in operating costs. Revenue for the period was $4,479.0 million, 18% higher than the same period last year.

Realized prices for key metals increased significantly during the first half. The average realized copper price rose 36% year-on-year to $6.19/lb, while realized prices for gold and molybdenum rose 46% to $4,772/oz and 55% to $32.6/lb, respectively. These price gains helped the EBITDA margin widen to 63.4% from 58.8% in the prior-year period.

Profit before tax, including exceptional items, rose 72% to $1,995.8 million. The company attributed this result to the revenue movements, lower depreciation and amortisation, and a higher net share of results from associates and joint ventures. Earnings per share increased 62% to 85.9 cents.

Operating cash flow rose 53% to $2,772.9 million, which the company attributed to strong earnings and positive movements in debtors and creditors, despite increased inventories. The Board declared an interim ordinary dividend of 30.1 cents per share, representing a 35% pay-out of underlying earnings per share.

Net debt at the end of the period was $3,966.1 million, compared with $2,749.5 million at 31 December 2025. The company said this reflected a balance of capital expenditures, dividend payments, and the recognition of new water infrastructure at Centinela as a new lease. The net debt to EBITDA ratio was 0.68x at 30 June 2026.

Production faced headwinds in the first half, with group copper production falling 9% year-on-year to 285,000 tonnes due to lower output at Centinela and Los Pelambres. Los Pelambres underwent a precautionary shutdown following exceptional adverse weather conditions in Chile. The company now expects full year copper production to be in the range of 625,000-655,000 tonnes.

Antofagasta is advancing major projects at Los Pelambres and Centinela toward commissioning in 2027, which the company expects will deliver a 30% increase in copper production. Additionally, the company approved a $0.9 billion investment for a water pipeline and pumping system at Zaldívar. This project is intended to replace continental water sourcing by mid-2028 and could enable a mine life extension to 2051.