Shares of Antofagasta surged roughly 6% following the release of its fourth-quarter results. The Chilean miner reported better-than-expected sales and cost figures, particularly in copper. Moreover, the company provided an optimistic outlook, raising its gold production guidance for 2026. This positive news boosted investor confidence in the mining firm.

Antofagasta's strong performance was driven by robust fourth-quarter sales, with copper sales reaching 201,000 tonnes. While annual copper output slightly missed its guidance, the increased gold production forecast is a significant positive. The company's focus on cost management, resulting in lower net cash costs, also appealed to investors.

For 2026, Antofagasta maintained its copper production guidance but increased its gold production outlook to 215,000-235,000 ounces. This positive shift suggests the company is benefiting from higher gold prices. Investors are also watching the progress of major projects, including the Centinela second concentrator, which is expected to be completed in 2027.