Antofagasta holds the 200-day line, shares in focus after Q1 copper update

By Daniel Hoffmann, Chart & Technicals desk. Reviewed prior to publication on 2026-06-23, 14:43.

Antofagasta (GB0000456144) opened the new trading week on the London Stock Exchange with investors still digesting its first-quarter 2026 production figures. The Q1 update detailed lower copper output but higher gold production, providing fresh inputs for the valuation debate around the miner.

What the Q1 update shows

According to the company’s latest production summary, Antofagasta reported group copper production of 143,000 tonnes for the first quarter of 2026, which the company described as 8 percent lower year on year.IR release on Q1 2026 production Gold production reached 46,500 ounces, around 8 percent higher than in the same quarter of 2025, while molybdenum output stood at 3,000 tonnes and was broadly unchanged compared with the prior-year period.

The Q1 mix underscores Antofagasta’s exposure to copper as the key earnings driver, supplemented by by-product credits from gold and molybdenum. The company’s mining operations remain concentrated in Chile, where water availability, permitting conditions and royalty discussions continue to influence cost expectations and medium-term capital planning.Reuters report on Chilean copper miners

Analyst fair value and consensus

An updated independent fair value model published on 23 June 2026 lifted Antofagasta’s central value estimate from 23.50 to 26.50 pounds per share, reflecting higher assumed top-line growth but slightly lower margin expectations and a higher future P/E multiple.Analyst fair value narrative for Antofagasta The analysis characterizes the shares as trading at a marked premium to this intrinsic value estimate, highlighting execution risk and Chile-specific uncertainties as key constraints.

Market data aggregators tracking London-listed miners show that Antofagasta typically features a mix of Buy, Hold and Sell ratings, with the average target price sitting below the current market price after a strong 12-month run for copper-exposed names. Peers such as Glencore and Rio Tinto provide reference points for sector positioning, with their own price-to-earnings and enterprise-value-to-EBITDA multiples helping investors gauge whether Antofagasta’s premium is justified in light of its Chilean asset base and growth pipeline.Consensus overview on Antofagasta and peers

How Antofagasta makes its money

Antofagasta generates the bulk of its revenue from producing and selling copper concentrate and cathodes from its Chilean mines, with the Los Pelambres and Centinela operations among its key assets. By-product sales of gold and molybdenum from these operations provide additional revenue streams and help lower net cash costs per pound of copper.

Where the stock trades today

The Antofagasta shares (GB0000456144) trade on 2026-06-23, 14:30 on the London Stock Exchange at 27.80 pounds.

This article is for informational purposes only and does not constitute investment advice, an offer or solicitation to buy or sell any financial instrument. Readers should conduct their own research and, where appropriate, consult a qualified financial adviser.