Antofagasta PLC (LSE:ANTO) shares rose around 6% in Thursday morning's trade after the miner reported higher copper production in the fourth quarter.
The production report revealed Q4 copper output rose 9% from the prior quarter, to 177,000 tonnes, while output for the full-year totalled 653,700 tonnes.
Angto said full-year net cash costs fell 27% year-on-year to $1.19/lb, which it described as a five-year low, supported by by-product revenues. The miner also set 2026 copper production guidance of 650,000 to 700,000 tonnes and guided net cash costs of $1.15/lb to $1.35/lb.
“We are pleased to deliver a strong Q4, with consistent safety performance and copper production 9% higher in the fourth quarter, driven by higher total output at all four operations," said chief executive Iván Arriagada.
He added: "Our material growth programme remains on track and on budget... Copper's outlook remains compelling - rising demand is being driven by energy security, electrification and increasing uptake of modern technologies, while supply growth remains constrained.
"We enter the new year with confidence in our ability to deliver safe production alongside the disciplined execution of our portfolio of growth and development projects."
Antofagasta said major projects remain on track and on budget, with construction advancing at Centinela and Los Pelambres and consolidated 2026 capital expenditure expected to be $3.4 billion excluding Zaldívar.
In London, Antofagasta shares were up 241p or 6.5%, changing hands at 3,949p.