Antofagasta Posts Higher Earnings But Cuts Production Guidance After Heavy Rain in Chile

Antofagasta said first-half earnings rose as higher copper prices helped offset an increase in operating costs, but the miner cut its full-year production guidance after heavy rain in Chile disrupted operations. At the Los Pelambres mine, production was temporarily stopped due to heavy rain and power outages. While the brief does not provide the exact figures for the earnings increase or the revised annual production outlook, it makes clear that weather-related interruptions are driving the updated guidance. The company’s outlook shift follows the operational disruption and highlights how quickly rainfall and grid outages can affect output at large copper sites.