Antofagasta, the mining arm of the Luksic group, produced 151,900 metric tonnes of copper in the third quarter of 2026, up 7%, according to Diario Financiero. The company reported the figure on Thursday and maintained its full-year production forecast.
To put that in perspective, that volume is equivalent to around 1,650 tonnes a day, or roughly 55 large mining trucks loaded with refined copper each day, assuming an approximate capacity of 30 tonnes per truck.
The rebound does not erase the poor start to the year. So far in 2026, the mining company has produced 436,900 tonnes, down 8.3% from the same period in 2025.
The setback came in the first quarter, when production fell 7.6%. The company attributed this to lower ore grades (the concentration of copper in the rock extracted) and lower recovery rates at Centinela, its operation in the Antofagasta Region. Think of it as squeezing oranges with less juice: you handle the same amount of fruit, but fill fewer glasses.
That decline led the company to cut its 2026 target earlier this year. It had previously aimed for between 650,000 and 700,000 tonnes. It now expects between 625,000 and 655,000 tonnes, and is counting on higher production in the final months to make up for the losses at the start.
To reach the bottom of that range, Antofagasta needs to produce around 188,000 tonnes in the fourth quarter, based on a simple calculation using the reported figures. That is more than it produced between July and September.
For 2027, the mining company projects between 630,000 and 690,000 tonnes, supported by higher ore grades at Los Pelambres. That mine, located in the Coquimbo Region, halted operations in July after extreme rainfall led the government to declare a state of catastrophe in the area. The source does not specify how long the shutdown lasted.
Costs are also adding pressure. The company, which is listed on the London Stock Exchange, again raised its estimate for cash costs before by-product credits (what it spends to produce each pound of copper, before subtracting what it earns from other metals such as molybdenum). The new range is 2.60 to 2.70 dollars per pound, compared with the previous 2.40 to 2.60 dollars.
The reason, according to the company, is persistently high fuel prices. For a mining company, diesel for trucks and equipment weighs on costs much as petrol does on the budget of someone who drives all day.
The fourth quarter will be the test: Antofagasta must finish December above 625,000 tonnes to meet the target it has already cut once this year.
