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Antofagasta PLC

Antofagasta plc operates as a mining company. It operates through Los Pelambres, Centinela, Antucoya, Zaldívar, Exploration and Evaluation, and Transport Division segments. The company produces copper cathodes and copper concentrates; molybdenum concentrates; and gold and silver by-products. It also provides rail and road cargo services to mining customers in northern Chile. In addition, the company has exploration projects in various countries. It has operations in the United Kingdom, Switzerland, Spain, Germany, rest of Europe, Chile, rest of Latin America, the United States, Japan, China, Singapore, South Korea, Hong Kong, and rest of Asia. The company was incorporated in 1888 and is headquartered in London, the United Kingdom. Antofagasta plc is a subsidiary of Metalinvest Anstalt.

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Antofagasta Fair Value Trimmed as Analysts Split on Output

Antofagasta's fair value estimate has been trimmed from £38.80 to about £37.87, reflecting a split among analysts on the company's copper output guidance. Revenue growth expectations were adjusted from about 13.33% to about 8.60%, while net profit margin moved from about 19.19% to about 20.51%. Future P/E was updated from about 28.0x to about 27.3x, and the discount rate changed from about 9.52% to about 9.73%. Analyst price targets now cluster between roughly £35.60 and £44.00, with JPMorgan at the upper end after its July upgrade to Overweight and a target of 4,500 GBp later adjusted to 4,300 GBp. Morgan Stanley maintains an Underweight rating with targets around 3,560 GBp, while Deutsche Bank keeps a Sell rating even after raising its target to 3,400 GBp.
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New York Copper Surges 3.34% on Tight Supply in China and Chile

New York copper futures surged 3.34% on Tuesday, buoyed by tight supply conditions in China and disruptions from major producers in Chile. COMEX copper for September delivery rose 21.15 cents to settle at 6.5525 dollars per pound. China's copper import premiums jumped to their highest since May of last year, as a crackdown on value-added tax fraud squeezed scrap copper availability and boosted demand for refined copper imports. Meanwhile, supply in Chile was hit by recent storms that affected output from major miners such as South32, Antofagasta, and Codelco. These supply concerns overshadowed ongoing market worries about the conflict between the United States and Iran.
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European Stocks Close Mostly Higher Despite Geopolitical Tensions

European stocks closed mostly higher on Thursday, with the pan-European Stoxx 600 climbing 0.78%, as investors looked past U.S.-Iran tensions and focused on corporate earnings and economic data. Germany's DAX and France's CAC 40 rose 0.89% and 0.9% respectively, while the UK's FTSE 100 slipped 0.16%. Mining and financial shares led gains, with Anglo American, Antofagasta, and Glencore up 4.1% to 6%, and Standard Chartered climbing 3.4%. AstraZeneca fell more than 6% after its nerve disease drug Wainua failed a late-stage trial. Germany's trade surplus widened to €19.1 billion in May, the largest since February, as exports unexpectedly rose 0.9% and imports dropped 2.5%.
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Antofagasta upgraded at J.P. Morgan on superior copper growth outlook

J.P. Morgan upgraded Antofagasta to Overweight from Neutral and raised its price target to £45 from £34, citing superior medium-term copper growth prospects. The bank highlighted the company's organic copper growth potential of more than 30% through 2028 compared to 2025, which is relatively lower risk than peers as it relies on expanding existing projects, largely from the brownfield Centinela second concentrator project in Chile. J.P. Morgan also noted that the tug of war for copper between the U.S. and China will keep prices elevated, while potential U.S. Section 232 tariffs on copper could further tighten the market and support prices in the near term. The upgrade follows J.P. Morgan's revision of its copper price forecasts, raising 2026 estimates by 2% and 2027 estimates by 15%, and revising its 2026 and 2027 group EBITDA forecasts for Antofagasta by 3% and 24%, respectively.
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European Markets Close Weak Amid US-Iran Peace Talks Uncertainty

European stocks closed weak on Friday as investors turned cautious over uncertainty about U.S. and Iran securing a lasting peace truce following the abrupt cancellation of talks in Switzerland. The pan European Stoxx 600 fell 0.24%, the UK's FTSE 100 ended down 0.35%, Germany's DAX drifted down 0.16%, and France's CAC 40 lost 0.55%. Mining stocks tumbled in London, with Antofagasta falling 6.1% and BHP Group down 4.3% after announcing a roughly $2.3 billion impairment charge on its Jansen potash project. In Frankfurt, Volkswagen ended 4.3% lower, while in Paris, Hermes International and LVMH lost between 1% and 2.3%. On the economic front, Germany's producer prices rose at the fastest pace in three years in May, and UK retail sales grew by a stronger-than-expected 1.2% month-on-month.
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