Chilean mining giant Antofagasta reported an 8% decline in first-quarter copper production to 143,000 metric tons compared to the same period last year. The London-listed miner attributed the drop to decreased processing rates and lower copper grades at two concentrators, though net cash costs fell 30% to $1.08 per pound.

Despite rising energy prices, Antofagasta said it hasn't experienced any supply disruptions and maintained its full-year guidance. The company emphasized that all major projects remain on track and within budget. First-quarter gold production showed resilience, increasing 8% to 46,500 ounces despite lower ore processing rates at both concentrators.

Chief Executive Ivan Arriagada said the company expects copper production to increase quarter-on-quarter as the year progresses, supported by higher ore processing rates and improving grades at Los Pelambres. The production decline aligns with the mine plan, and Antofagada expressed confidence in meeting 2026 targets despite current market challenges.