What Antofagasta does

Antofagasta plc is a London-listed, Chilean-operated pure-play copper mining group producing 654,000 tonnes of copper in 2025, plus by-product gold (156,500 ounces at Centinela) and molybdenum (42% higher YoY). The company operates four copper mines in Chile — Los Pelambres (60% owned), Centinela, Antucoya (70% owned), and Zaldivar (50% joint venture) — using a mix of milling and flotation (for sulphide ores) and solvent extraction-electrowinning (SX-EW, for oxide ores), with copper sold to global smelters as concentrate and cathodes. Its wholly-owned FCAB rail transport division, in operation for 137 years, provides 720km of rail in northern Chile and recently launched Latin America's first hydrogen-powered locomotive. Antofagasta also holds the Twin Metals Minnesota copper-nickel-cobalt development project in the United States.

Technically, Antofagasta combines conventional concentrator and SX-EW processing with proprietary technology investments: the Cuprochlor-T primary sulphide leaching system, autonomous haul trucks and drills (deployed at Esperanza Sur, expanding to Encuentro Sulphides in January 2026), thickened tailings technology (first in Chile permitted for inactive-pit deposition), high-pressure grinding rolls at Centinela Second Concentrator, and integrated digital/AI systems for predictive analytics across operations. The company is the fourth largest copper producer globally and holds 2.6 billion tonnes of ore reserves at Centinela alone.

Commercially, Antofagasta is a B2B commodity producer selling concentrates and cathodes under long-term offtake contracts and spot transactions to smelters in China, Japan, Spain, and Korea, with pricing driven by LME copper prices and negotiated treatment and refining charges (TC/RCs). The company is exploring shifting contractual ore sales to spot-index pricing in response to collapsed TC/RC benchmarks. End-demand is structurally tied to electrification, electric vehicles, AI data centres, and grid infrastructure. FY2025 revenue was $8.62 billion (+30% YoY) with EBITDA of $5.2 billion (60.3% margin), funded growth investments of $3.7 billion, and a £34.33 billion market capitalisation as of April 2026. The Luksic family controls the company through Quiñenco S.A.

Name

Antofagasta

Legal name

Antofagasta plc

Website

https://antofagasta.co.uk

Company type

Public

Founded year

1888

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Antofagasta plc is a London-listed, Chilean-operated pure-play copper mining group producing 654,000 tonnes of copper plus gold and molybdenum by-products, supplying global smelters (China, Japan, Korea, Spain) from four Chilean mines and a transport division.

Ownership category

akta.pro rank

Product category

Copper Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Nonferrous Metal (except Aluminum) Production and Processing (3314)

SIC

Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

akta.pro secondary industries

Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC), Copper Anode/Cathode Production & Handling (IMAKADAG), Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH), Copper Concentrate Trading & Marketing (IMAKADAI)

Keywords

• Copper mining
• Copper concentrates
• Mineral processing
• Mining operations
• Rail freight transport

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Copper Sales: Primary revenue stream from sale of copper concentrates and copper cathodes. Copper production of 654,000 tonnes in 2025. Revenue increased 30% to $8.6 billion in 2025 driven by higher copper prices and increased volumes.
2. By-product Sales (Gold): Gold produced as by-product from copper concentrate operations. Centinela produced 156,500 ounces of gold in 2025, representing 12% increase year-on-year. Strong gold prices contributed to net cash cost reductions.
3. By-product Sales (Molybdenum): Molybdenum concentrate produced from copper operations. Production of molybdenum was 42% higher in 2025, contributing to revenue and cost credits.
4. Transport Services (FCAB): Ferrocarril de Antofagasta a Bolivia (FCAB) Transport Division provides rail and road cargo services in northern Chile predominantly to mining customers, including some of the Group's own operations. FCAB celebrated 137 years of operation with launch of Latin America's first hydrogen locomotive.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Antofagasta is a pure-play copper mining group that produces copper concentrates and copper cathodes from four wholly or partly-owned mines in Chile (Los Pelambres, Centinela, Antucoya, Zaldívar), along with by-product gold and molybdenum. It also operates the FCAB rail and road transport division serving mining customers in northern Chile. Total copper production reached 654,000 tonnes in 2025, generating $8.6 billion in revenue, with copper sales priced off the London Metal Exchange benchmark and treatment/refining charges negotiated with smelters.

Product overview

Antofagasta is a Chilean-based copper mining group with interests in transport, operating four copper mines in Chile (Los Pelambres 60%, Centinela, Antucoya 70%, Zaldívar 50%) and a transport division (FCAB). The portfolio produces copper in concentrate and cathode forms, along with by-products gold and molybdenum. The company is executing major growth projects including the Centinela Second Concentrator and Los Pelambres Growth Enabling Projects, targeting 30% production increase by 2030. Technology innovations include autonomous fleet systems, AI-driven copper processing optimization, and proprietary Cuprochlor-T leaching technology. The transport division FCAB provides rail and road cargo services, recently launching Latin America's first hydrogen-powered locomotive.

Differentiator

Problem solved

Functional benefit

Products and services

• Los Pelambres Mine 60% owned sulphide copper mine in Chile's Coquimbo Region, 240 km north of Santiago. Produces copper concentrate (containing gold and silver) and molybdenum concentrate via milling and flotation. Full-year copper production of 295,300 tonnes in 2025. Sold to global smelters under offtake contracts and spot market transactions.
• Centinela Mine Mines sulphide and oxide deposits 1,350 km north of Santiago in Chile's Antofagasta Region. Produces copper concentrate (with gold and silver), molybdenum concentrate and copper cathodes via milling, flotation, solvent extraction and electrowinning. Total copper production of 240,400 tonnes in 2025; 156,500 ounces of gold produced as by-product. Host to the Second Concentrator expansion project.
• Antucoya Mine 70% owned operation approximately 1,400 km north of Santiago, mining and leaching oxide ore to produce copper cathodes via solvent extraction and electrowinning (SX-EW). Copper production of 81,200 tonnes in 2025.
• Zaldívar Mine 50% owned joint venture, open-pit heap-leach copper mine producing copper cathodes via SX-EW. Located 3,000 metres above sea level, approximately 1,400 km north of Santiago and 175 km south-east of Antofagasta. Total attributable copper production of 36,700 tonnes in 2025.
• FCAB Transport Division Ferrocarril de Antofagasta a Bolivia (FCAB) wholly-owned rail and road cargo transport division providing services in northern Chile predominantly to mining customers, including Antofagasta's own operations. Operates 720 km of railway track and provides integrated logistics for the group's copper concentrates and cathodes.
• Centinela Second Concentrator Project Major brownfield expansion adding a second 95,000 tonnes-per-day concentrator to Centinela with high-pressure grinding rolls and modern technologies. Expected to increase annual copper-equivalent production by an average of 170,000 tonnes over the first 10 years (144,000 tonnes copper, 130,000 ounces gold, 3,500 tonnes molybdenum). Backed by $2.5 billion in project financing with international lenders, with first output expected in 2027.
• Encuentro Sulphides Pit New sulphides pit at the Centinela district with estimated 738 million tonnes at 0.45% copper plus associated gold and molybdenum. Will feed the Centinela Second Concentrator. Estimated investment of $1 billion with development approved July 2025 and stripping activities expected to complete in 2028. Planned as autonomous truck operation.
• Los Pelambres Growth Enabling Projects Expansion projects at Los Pelambres including desalination plant expansion and new concentrate pipeline. Together with the Centinela Second Concentrator, expected to help increase group copper production by approximately 30% before 2030.

Quantifiable outcome

• 52% increase in EBITDA to record $5.2 billion in 2025
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature6 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Glencore plcminorStrategic or Co-development PartnerAntofagasta CEO indicated interest in potentially partnering with Glencore's El Pachón project located across the border from Antofagasta's flagship Chilean mine, as part of evaluation of early-stage copper opportunities in Argentina.
• India (Government of)minorStrategic or Co-development PartnerIndia's National Critical Mineral Mission and partnership frameworks with Chile, Canada, Peru, Brazil, France, and Netherlands facilitate international mineral development. Antofagasta CEO participated in discussions highlighting fundamental market shifts.
• Lundin MiningminorStrategic or Co-development PartnerLundin Mining's El Pachón project in Argentina represents potential strategic opportunity. BHP committed $2.1 billion joint venture with Lundin Mining for Vicuña District (Filo del Sol and Josemaría deposits) representing approximately 29 billion pounds of copper.
• Twin Metals MinnesotacoreStrategic or Co-development PartnerTwin Metals Minnesota is a subsidiary of Antofagasta pursuing copper-nickel-cobalt mine near Boundary Waters Canoe Area Wilderness in Minnesota, USA. US Senate voted to repeal mining ban, enabling reissuance of federal mineral leases.
• The Bernhardt GroupminorOthersTwin Metals paid The Bernhardt Group $380,000 in lobbying fees between Q2 2025 and Q1 2026 to help reverse the mining ban near Boundary Waters.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Freeport-McMoRan: One of the world's largest publicly traded copper producers with major operations including Grasberg in Indonesia and significant North/South American assets. Directly comparable as a publicly-listed copper-focused major miner.
• First Quantum Minerals: Pure-play copper miner with major operations including Cobre Panamá and Zambian assets. Comparable as a copper-focused producer with growth pipeline exposure and similar cost profile.
• Southern Copper Corporation: Major integrated copper producer controlled by Grupo México with operations in Peru and Mexico. Directly comparable as a large-scale copper miner with long-life assets in Latin America.
• Lundin Mining: Mid-cap copper-focused miner with operations in Chile, Brazil, and the Vicuña District joint venture with BHP. Comparable as a publicly-listed copper producer with Chilean exposure and growth projects.
• KGHM Polska Miedź: Polish-listed integrated copper producer and one of the world's largest silver producers. Comparable as a publicly-listed copper major with integrated mining and smelting operations.

Broad incumbents

• Glencore plc: Largest diversified miner with substantial copper operations including Chilean and Argentinian assets (e.g., El Pachón). Antofagasta has expressed interest in partnering with Glencore on El Pachón, making it a comparable copper exposure with broader diversification.
• BHP Group: World's largest mining company with significant copper exposure through Escondida and the recent Vicuña joint venture with Lundin Mining. Comparable as a major copper producer operating in Chile and Latin America.
• Rio Tinto Group: Major diversified miner with significant copper exposure through Kennecott and Oyu Tolgoi, and ongoing interest in copper M&A. Comparable as a major diversified miner with copper as a key growth pillar.

Emerging players

• Capstone Copper: Mid-cap pure-play copper miner with operations in Chile, Mexico, and Arizona, focused on growth through brownfield expansions. Comparable as a copper-focused producer with similar operational geography.
• Hudbay Minerals: Canadian-listed copper-focused miner with operations in Peru, Canada, and the US. Comparable as a publicly-listed copper producer with a pipeline of development projects in the Americas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/AntofagastaMinerals
• LinkedInlinkedin.com/company/antofagasta-minerals
• Xx.com/AntofagastaPLC

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries6 records

Funding overview

Funding rounds2 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Antofagasta