Antofagasta PLC (LSE:ANTO) has been named among 'top picks' by analysts at Citi, in a new research note focused on the European mining sector, as the bank expressed a preference for base metals over bulk commodities heading into 2026.
Analysts highlighted Antofagasta’s projected copper production growth of 30% through to 2029, describing the company’s operations as steady and noting improving conditions in the Chilean jurisdiction.
Citi said its bullish stance on base metals contrasts with what it views as excessive pessimism around bulk commodity equities.
The Citi report also pointed to a broader theme in the sector, with mid-cap metal stocks showing up in the 'investor apathy' quadrant of Citi’s model, which the bank's boffins say indicates potential upside if sentiment shifts.
Antofagasta was named a 'top pick' alongside European mining names Kazatomprom and Metlen.