London, February 16, 2026, 10:13 GMT — Regular session
Antofagasta Plc (ANTO.L) inched up 0.3% to 3,722 pence during Monday morning trading in London. Investors are holding on for the copper miner’s full-year numbers, set for release Tuesday. Shares, priced on a 15-minute delay, started at 3,699 pence and have been moving between 3,667 and 3,745 so far, putting the FTSE 100 firm’s market cap at roughly 36.7 billion pounds. 1
Antofagasta has set Feb. 17 for its full-year results covering the period ended Dec. 31, 2025, with both the statement and slides slated for release at 7:00 a.m. UK time. The company plans a hybrid presentation in London at 9:00 a.m., with Chief Executive Iván Arriagada, Chief Financial Officer Mauricio Ortiz, and sustainability chief Alejandra Vial all scheduled to speak. 2
Copper edged lower Monday, with China’s Lunar New Year break draining liquidity and amplifying price moves. By 0449 GMT, three-month copper on the London Metal Exchange slipped 0.5% to $12,810 a ton. According to Reuters technical analyst Wang Tao, prices could “retest a support” near $12,578—a level watched for fresh buying. Inventory data show global stocks in the top three exchanges have now crossed 1 million metric tons, the report noted. 3
The supply chain angle is hard to ignore. According to Reuters, China’s smelters have started to depend more on sulphuric acid sales as treatment and refining charges (TC/RCs)—the fees miners pay smelters to process copper concentrate—have collapsed to all-time lows. CRU analyst Peter Harrison flagged the danger, saying reliance on acid “creates risk.” The same report pointed out that Antofagasta set TC/RCs at zero dollars during negotiations with Chinese smelters back in December. 4
For Antofagasta, it’s down to the metrics: realised prices, unit costs, capital spending. Cash returns make the agenda too—investors will be watching for any change in tone.
Shares have swung notably in recent weeks. What management highlights—costs or output—can quickly overshadow the headline profit number.
Still, if management keeps costs in check and the path to 2026 remains straightforward, buyers may stick around—even with copper prices swinging.
The risks? Pretty clear. Should copper’s retreat deepen as flagged by technicians, and exchange inventories continue to rise, miners could drop fast — Antofagasta usually tracks the metal closely.
