Antofagasta stock gains as Berenberg reiterates buy call after copper pullback

Antofagasta PLC stock (ISIN GB0000456144) traded around 3,776.00p on the London Stock Exchange on September 21, 2026, up roughly 3.3 percent during the session as investor risk appetite for mining shares improved on US-China optimism and a firmer copper backdrop.

Berenberg’s 4,400p target underpins Antofagasta stock

According to Sharecast on September 14, 2026, analysts at Berenberg upgraded Antofagasta from hold to buy and kept their price target unchanged at 4,400p, implying about 16 percent upside from the level they cited at the time. The upgrade came after what Berenberg described as a sharp pullback in copper prices in the preceding week, which in their view created an attractive entry point for exposure to the Chile-focused copper producer.

On September 21, 2026, Antofagasta shares were quoted at 3,776.00p, with a 12-month trading range between 2,318.00p and 4,475.00p, as reported by Interactive Investor. That leaves the stock trading about 15.6 percent below its 12-month high of 4,475.00p, broadly in line with the upside Berenberg sees to its 4,400p target.

Price action and market context for mining shares

Intraday trading data show Antofagasta shares recently changing hands at 3,657.00p on September 20, 2026, down 1.22 percent from the prior close of 3,702.00p, according to Reuters. That session saw a trading volume of 1,729,385 shares and gave Antofagasta a market capitalization of about GBP 35,950.70 million as of September 20, 2026.

On September 21, 2026, miners were among the notable gainers in the UK equity market. As Reuters reported, Antofagasta and Anglo American each jumped about 3.4 percent, helping to support the FTSE 100 on a day when bank shares also contributed to index gains. A separate market overview from Sharecast highlighted Antofagasta among the FTSE 100 risers, noting a move to 3,819.00p, a gain of 4.59 percent on the day, underscoring the strength of the rebound in the name.

For retail investors, the combination of a mid-teens upside implied by Berenberg’s 4,400p target and a price still below the 12-month high puts Antofagasta in a zone where sentiment is supported by both broker confidence and recent price momentum, while still reflecting sensitivity to swings in the copper price and global growth expectations.

Revenue and profit trends from the latest full year

The latest available full-year figures show that Antofagasta generated revenue of GBP 8,620.30 million in fiscal year 2025, up from GBP 6,613.40 million in 2024 and GBP 6,324.50 million in 2023, according to data compiled by Reuters based on LSEG information. That represents a revenue increase of about 30.3 percent from 2024 to 2025 and about 36.3 percent compared with 2023, underscoring the earnings leverage Antofagasta has to higher copper prices and increased production volumes.

Gross profit rose to GBP 4,303.70 million in 2025, compared with GBP 2,504.40 million in 2024 and GBP 2,658.10 million in 2023, the same Reuters dataset shows. That marks an increase of about 71.8 percent year on year from 2024, reflecting both higher realized prices and disciplined cost control in the company’s Chilean mining operations.

Net income attributable to shareholders reached GBP 1,328.90 million in 2025, up from GBP 829.40 million in 2024 and GBP 835.10 million in 2023, according to Reuters. The 2025 net income figure is about 60.2 percent higher than in 2024, signaling that Antofagasta converted the revenue uplift into bottom-line growth, despite ongoing investment needs and the capital intensity of large-scale copper projects.

Balance sheet and cash flow support investment in copper growth

Antofagasta’s total assets expanded to GBP 26,418.40 million at the end of fiscal year 2025, up from GBP 22,634.90 million in 2024 and GBP 19,647.20 million in 2023, based on the same LSEG-sourced figures reported by Reuters. That asset growth reflects continued investment in the company’s core Chilean mines and related infrastructure, including Los Pelambres and Centinela.

Total debt stood at GBP 7,076.10 million in 2025, compared with GBP 5,357.50 million in 2024 and GBP 4,079.20 million in 2023, according to Reuters. While debt has risen in absolute terms, investors will note that it supports long-duration copper projects whose returns are tied to the global energy transition and electrification trends, and that the company’s leverage ratios remain within a manageable range given its cash generation.

Cash from operating activities reached GBP 3,071.60 million in 2025, up from GBP 2,285.30 million in 2024 and GBP 2,333.00 million in 2023, the cash flow statement data from Reuters indicate. That roughly 34.5 percent increase in operating cash flow versus 2024 has given Antofagasta more flexibility to fund sustaining and growth capital expenditure, even as it maintains shareholder distributions through dividends.

Key risks: copper price volatility and project execution

Berenberg’s upgrade was explicitly linked to a copper price pullback, which it saw as an attractive entry opportunity for long-term investors in Antofagasta, but the same dynamic underscores the key risk to the investment case: the company’s earnings and cash flows are highly sensitive to the copper price, which can be volatile amid shifting macroeconomic conditions and policy signals from China and other major consuming economies, as inferred from the commentary in the Sharecast broker note summary.

Operationally, Antofagasta’s strategy involves expanding and optimizing large, complex assets in Chile, which carry project execution risks, permitting considerations and potential exposure to changes in local fiscal or regulatory frameworks. The balance sheet data showing rising total debt and liabilities between 2023 and 2025, as reported by Reuters, highlight that the company is committing significant capital to these projects, which must deliver expected returns in a market that can quickly re-rate mining equities when sentiment shifts.

Antofagasta stock price and latest trading data

As of September 20, 2026, Antofagasta’s primary listing on the London Stock Exchange showed a last traded price of 3,657.00p, a decline of 45.00p or 1.22 percent from the previous close of 3,702.00p, with that day's session seeing a high volume of 1,729,385 shares and giving the group a market capitalization of approximately GBP 35,950.70 million in its home currency. On September 21, 2026, subsequent UK market data cited by Interactive Investor and Reuters indicated that the stock rebounded toward 3,776.00p to 3,819.00p, posting gains of around 3.3 percent to 4.6 percent and trading below its 12-month high of 4,475.00p but well above the 12-month low of 2,318.00p.

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