Antofagasta Keeps Copper Output Stable for 2025, Sees Growth at Centinela Mine

Antofagasta, the London-listed copper miner, has reaffirmed its production guidance for 2025, projecting stable output despite an anticipated incremental increase in copper concentrate production at its Centinela mine in Chile. The company expects its total copper production in 2025 to range between 660,000 and 700,000 metric tonnes (t), which is essentially flat compared to its 2024 output.

Third-Quarter Performance Shows Positive Trends
In the third quarter of 2024, Antofagasta reported a 3% year-on-year increase in copper production, rising to 179,000t from 173,600t in the same period last year. This increase was largely driven by inventory destocking at the Los Pelambres mine and improved copper grades and recoveries at Centinela, resulting in a 15.3% rise in copper output compared to Q2 2024.

Alongside the production increase, Antofagasta saw copper sales grow by 11.4% year-on-year, reaching 176,500t in Q3 2024. This marked a 9.3% increase compared to the previous quarter. However, the company reported a 15% drop in molybdenum production, down to 2,700t, although it rebounded by 8% compared to Q2.

Chile Continues to Play a Key Role in Antofagasta’s Strategy
Chile, as the world’s largest copper-producing nation, remains the cornerstone of Antofagasta’s operations. The company’s Los Pelambres and Centinela mines are vital contributors to the global copper supply. Despite ongoing industry challenges, the company remains focused on improving operational efficiency and maintaining its production targets.

Stable Production Outlook Amid Global Demand Fluctuations
With the global copper market continuing to face fluctuating demand, particularly from electric vehicle (EV) and renewable energy industries, Antofagasta’s stable production outlook for 2025 reflects the company’s strong position in the market. Its focus on efficiency improvements and consistent output helps it navigate industry uncertainties, positioning Antofagasta as a reliable supplier in the global copper supply chain.