Antofagasta Stock News

The two main unions at Antofagasta Minerals' Centinela copper mine in Chile said on ​Tuesday they are ready to strike, but ‌hope one can be averted if the company agrees to a deal during mandatory government-mediated talks.

Workers from two unions ‌at Antofagasta Minerals' Centinela copper mine in northern Chile rejected on Monday the company's collective ​contract offer, paving the ​way for a strike.

Unions representing ‌workers at ​Antofagasta ​Minerals' Centinela ⁠mine ​in ​Chile called a ​strike ​vote on Wednesday, ‌saying ⁠negotiations with ​the ​firm ⁠had reached ​an ​impasse.

Copper prices hit a record high Tuesday due to concerns over potential U.S. tariffs and supply problems amid surging demand for AI data-center infrastructure.

Citi has kept a Buy rating and £44 target price on Antofagasta PLC (LSE:ANTO), the London-listed copper producer, despite lowering its 2026 production forecast after weather disruption at Los Pelambres. Citi expects Antofagasta to produce 634,000 tonnes of copper this year, towards the lower end of the company's revised guidance of 625,000 to 655,000 tonnes.

Shares in Antofagasta PLC (LSE:ANTO), the Chilean copper miner and FTSE 100 constituent, fell 5% to 3,835p after the group cut its production forecast for the year despite a forecast-beating set of half-year results. The company now expects to produce between 625,000 and 655,000 tonnes of copper in 2026, down from earlier guidance of 650,000 to 700,000 tonnes.

Higher prices helped offset a rise in operating costs, but the copper miner cut its full-year production outlook after severe weather temporarily closed a mine.