London, June 23, 2026, 13:08 (BST)
Antofagasta dropped 6.4% to 3,704 pence at 12:57 BST in London, falling more than the 5% slide in industrial-metal miners. The FTSE 100 index was down 0.7% earlier. Fresnillo, traded in London, lost 5.6% as gold, silver and copper prices moved lower.
Shares in Antofagasta are sensitive to copper swings, since the miner sticks to copper and by-products. The London Stock Exchange listed nothing new for earnings or output on Tuesday, with the latest posted update still the May 7 AGM material. That suggests the drop is coming from a wider sector move, not company news.
Copper slips 0.5% in early LME trade as traders eye Fed risk
Benchmark three-month copper on the London Metal Exchange dropped 0.5% to $13,580 a metric ton early. Traders are watching the chance of more U.S. interest-rate hikes, which could curb economic activity and demand for metals tied to growth.
Dollar climbs, hitting its highest in over a year as traders see an 85% chance the Fed hikes rates by a quarter point before September. “Right now, the dollar is pricing in higher rates and is gaining on that,” said Tommy von Bromsen, currency strategist at Handelsbanken. The stronger greenback pushes up the cost of metals for buyers using other currencies. Reuters
Antofagasta dropped more than the 4.5% slide in European mining stocks. It is more focused on copper than bigger rivals: Rio Tinto’s latest numbers pointed to copper taking on a bigger role in its mixed mining mix, while Anglo American has copper, but also premium iron ore and crop nutrients in its lineup.
Antofagasta shares saw little help after a company website article on Tuesday. The miner said its Centinela Second Concentrator project is still on track. The substation is now energized and expanded infrastructure brought in the first seawater. Tests before start-up have started. The company expects the expansion to double Centinela’s mineral-processing once up and running.
Focus is on current mines for now. First-quarter copper production dropped 8% year-over-year to 143,000 tonnes. Net cash costs slid 30% to $1.08 a pound. That figure backs out earnings from gold and molybdenum. Output guidance for the year is unchanged at 650,000–700,000 tonnes. “We expect copper production to increase quarter-on-quarter,” Chief Executive Iván Arriagada said in April. Antofagasta
Antofagasta’s balance sheet is now more exposed to copper price moves. Operating earnings before interest, tax and non-cash depreciation jumped 52% to a record $5.2 billion in 2025. Net debt also climbed, up 69% to $2.75 billion, as capex hit $3.7 billion. The miner plans to spend another $3.4 billion in 2026.
Antofagasta’s next check-in is set for July 15, when the miner is due to release Q2 production numbers. Half-year results land August 13. Investors want to see output picking up quarter-on-quarter and will watch spending and costs.
Still, the risk is easy to see. Reuters market analyst Christopher Romano pointed to $6.14–$6.17 a pound as a key support for U.S. copper futures. Any drop under that level could break the bullish chart setup. If rates keep rising, the dollar stays firm or Antofagasta’s production climbs back slower than expected, that could keep shares under pressure.
