London’s FTSE 100 lagged behind other European indexes this morning, primarily weighed down by a slump in the mining sector. The downward trend was led by Chilean mining giant Antofagasta, which saw its shares fall by nearly 5%.
Production Forecast Lowered
The steep decline follows the company’s decision to revise its production guidance for 2026. Antofagasta announced that it now expects copper output to land between 625,000 and 655,000 metric tons, a reduction from its previous forecast of 650,000 to 700,000 tons.
The adjustment stems from operational disruptions at its Los Pelambres mine. Extreme rainfall in Chile’s Coquimbo Region forced a government-declared “state of catastrophe,” necessitating a temporary shutdown. While the company confirmed that key equipment and infrastructure escaped major damage, repairs are required for pipeline platforms and water management systems.
Source: The Guardian