LONDON, March 13, 2026, 20:45 GMT
Antofagasta plc finished the day down 5.53% at 3,503 pence on Friday, sliding far more than the FTSE 100’s 0.43% decline as mining stocks got hammered across Europe. The European mining sector lost 3.3% with copper prices under pressure.
The shift is significant for Antofagasta, which centers its operations on copper and related products. Shares were down close to 10% from Tuesday’s finish at 3,881 pence, trading 21.7% beneath the 52-week peak of 4,475 pence set back on Feb. 25.
Investors were still digesting the inflation shock triggered by the Middle East conflict. Oil bounced back to $100 a barrel on Thursday and held its ground into Friday, forcing a rethink on rate cut bets and sparking a selloff in economically sensitive stocks. “The longer the disruption goes on, the greater the impact on energy prices and in turn global inflation,” said AJ Bell’s Danni Hewson on Thursday. On Friday, Pascal Koeppel at Vontobel SFA added, for now, “the fear is larger.” Reuters
Antofagasta wasn’t the only one under pressure. Shares of Rio Tinto dropped 2.63%, while Anglo American tumbled 4.43% on Friday. As for Antofagasta, its latest company statement—a March 11 filing—offered little more than news of board committee changes, with no fresh details about production, costs, or guidance.
It’s a strange look, considering Antofagasta walked into March with momentum. On Feb. 17, the company reported EBITDA up 52% in 2025, hitting a record $5.2 billion, fueled by copper prices climbing over 40% last year. The latest update on its website sticks with the 2026 copper output forecast: 650,000 to 700,000 tonnes. Capital expenditure? Still $3.4 billion slated for projects and equipment. Chief Executive Ivan Arriagada put the Centinela second concentrator at “about 70%” done by the end of 2025—wrap-up expected in 2027, then ramping production from 2028. Reuters
The screen went red in a hurry. Shares tumbled roughly 8.4% from Wednesday’s 3,825 pence close, with a 3.06% slide Thursday and another leg down Friday to 3,503 pence.
The risk is clear enough now. On Friday, BofA Global Research pushed its forecast for the Bank of England’s first rate cut back to June, citing renewed energy price pressures fueling inflation risks. Should that sentiment catch on, copper could face deeper demand concerns—especially as the metal comes off its January run above $14,000 a tonne.
Antofagasta insists its projects remain both on schedule and within budget, even as major miners globally scramble to secure copper—a metal viewed as essential for the energy transition. Shares now find themselves straddling a robust development pipeline, while a jittery market turns its focus toward oil, inflation, and copper’s next move.
