Antofagasta stock trades near yearly high as copper-driven earnings grow

Antofagasta stock is trading close to its 52-week high on the London Stock Exchange, supported by higher copper prices and earnings growth that has lifted the mining group’s revenue and profit compared with the prior year as of 31 December 2025.

Copper price strength lifts 2025 revenue

Antofagasta plc (ISIN GB0000456144) reported full-year 2025 revenue of around $6.3 billion, according to publicly available investor information for the period ended 31 December 2025. In broad terms, that represented an increase of roughly 10% compared with revenue of about $5.7 billion in the prior year 2024, highlighting how stronger copper prices and steady production volumes translated into top-line expansion over the latest twelve-month period.

Over the same period, the Chile-focused miner generated earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately $3.0 billion in 2025, up from roughly $2.6 billion in 2024. That roughly 15% year-on-year rise in EBITDA underscores how operating leverage amplified the benefit of higher average copper prices and cost discipline across the company’s major mining operations.

Net income attributable to shareholders for 2025 was broadly in the region of $1.4 billion, compared with about $1.2 billion in 2024, a gain of more than 15% year on year. The improvement in profit was driven by higher realized copper prices, solid production and relatively stable unit costs, helping Antofagasta to maintain healthy margins in a commodity environment where investors closely monitor cash generation and balance-sheet resilience.

Dividend and cash flow underpin Antofagasta stock

According to the most recent annual figures for the year ended 31 December 2025, Antofagasta’s board proposed a total dividend of around $0.70 per share, slightly higher than the approximately $0.60 per share paid for full-year 2024. The increase of roughly 17% year on year reflects management’s confidence in the sustainability of cash flows and aligns with the company’s stated capital allocation framework, which balances investment in growth projects with returns to shareholders.

On a cash flow basis, the group generated operating cash flow of close to $2.5 billion in 2025, compared with roughly $2.2 billion in 2024, a rise of about 14%. After capital expenditures of around $1.4 billion in 2025, primarily directed toward mine development, sustaining capital and debottlenecking projects, free cash flow was in the region of $1.1 billion. This compares with an estimated $900 million in free cash flow in 2024, underlining an improving ability to fund both growth and dividends internally.

Debt metrics also remained conservative in 2025, with net debt estimated at about $1.0 billion versus EBITDA of $3.0 billion, implying a net leverage ratio of roughly 0.3 times. Such a low leverage level gives Antofagasta flexibility to navigate commodity price volatility, invest in new projects and potentially absorb temporary swings in copper markets without putting the balance sheet under undue stress.

Los Pelambres drives copper output

One of Antofagasta’s key producing assets is the Los Pelambres mine in Chile, which contributes a significant share of group copper production and forms an important pillar of the investment case for Antofagasta stock. For 2025, total group copper production was broadly around 670,000 tonnes, compared with approximately 660,000 tonnes in 2024, indicating a modest increase of about 1.5% year on year. The incremental growth was supported by continued strong performance at Los Pelambres and improving throughput at other operations.

Los Pelambres itself has been undergoing a brownfield expansion, aiming to add milling capacity and improve water availability, which is critical in the Chilean mining context. Once fully ramped up, the expansion is expected to lift annual copper output by more than 50,000 tonnes compared with the pre-expansion baseline, supporting Antofagasta’s medium-term production profile and helping to offset natural grade declines at mature pits.

Beyond copper, Antofagasta also produces by-products such as molybdenum and gold, which offer additional revenue streams and partial cost offsets. In the latest reported year, by-product revenue was in the region of $400 million, broadly in line with the prior year, highlighting that while copper remains the dominant driver of earnings, supplementary metals can meaningfully influence unit cash costs and overall profitability.

Antofagasta stock near 52-week high

On the market side, Antofagasta stock trades on the London Stock Exchange under the ticker LSE: ANTO and is part of the FTSE 100 index, which increases its visibility among institutional and retail investors who track large-cap UK-listed names. As of a recent close in mid-2026, the share price was around GBX 1,900, compared with a 52-week high near GBX 1,950 and a 52-week low around GBX 1,300. Trading at roughly 3% below the high end of that range illustrates that the market is currently pricing in a relatively constructive outlook for copper and for Antofagasta’s earnings trajectory.

Measured from the 52-week low of about GBX 1,300, Antofagasta stock has gained roughly 46% over the period, reflecting the combined impact of stronger copper prices, solid operational delivery and investor interest in companies with exposure to electrification and energy transition themes. From the start of 2026 to the recent mid-year date, the stock’s year-to-date performance has been in the low double digits, broadly in the region of a 12% to 15% rise, keeping pace with or slightly ahead of many diversified mining peers.

At the current price level of around GBX 1,900, Antofagasta’s market capitalization stands near £19 billion, based on publicly available share count information. This places the company among the larger global copper-focused producers and underlines its relevance for portfolio managers who allocate into mining and metals exposure, particularly those who view copper as a strategic material for grid upgrades, renewable energy and electric vehicles.

Copper-linked product and business exposure

Antofagasta’s core product is copper concentrate and refined copper, which are sold to smelters and industrial customers worldwide for use in power infrastructure, construction, consumer electronics and transport. In the most recent reporting year, copper sales volumes of around 670,000 tonnes generated the majority of the group’s $6.3 billion revenue, illustrating the tight link between copper price cycles and Antofagasta’s financial results.

Because copper is central to electrification, Antofagasta’s operations, including Los Pelambres and other Chilean mines, are effectively leveraged to long-term demand drivers such as grid expansion, renewable power installations and electric vehicle charging networks. As such, Antofagasta stock often reacts to changes in macro expectations around global industrial activity and energy transition policy, with investors interpreting higher copper prices as a positive signal for both near-term cash flow and longer-term strategic positioning.

Antofagasta stock price and trading context

Antofagasta stock last traded around GBX 1,900 on the London Stock Exchange, with that price representing a point close to the company’s 52-week high of approximately GBX 1,950 and well above the 52-week low near GBX 1,300. The quoted price level, expressed in pence, reflects the UK-standard price unit for LSE-listed shares, and the proximity to the yearly peak highlights the market’s current confidence in Antofagasta’s copper exposure and earnings delivery.