Antofagasta shares were slightly weaker on Tuesday as traders reacted to the copper miner’s bumper 2025 results.
Results were nothing short of spectacular, and the 2% decline in early Tuesday trading was more a reflection of the stock’s rip-roaring rally over the past year than a sign of disappointment with the numbers.
Antofagasta shares have rallied 98% over the past year.
Investors know it’s sometimes better to travel than to arrive, and Antofagasta’s 2025 journey was powered by higher copper prices, leading to the sharp jump in revenue and EBITDA confirmed today.
Revenue surged 30% to $8.6 billion in 2025, driven by both higher metals prices and increased volumes.
A burgeoning top line led to a whopping 52% increase in EBITDA and an EBITDA margin of 60%.
The group is rewarding investors who haven’t had the easiest ride prior to 2025 with an eye-catching 106% increase in the full-year dividend to 64.6 cents.
“When a miner generates that kind of return, doubling earnings and more than doubling the dividend, investors sit up and take notice,” said Mark Crouch, market analyst for eToro.
“As for Dr Copper, the market’s wily diagnostician, he has finally delivered his verdict. The world needs more copper. Electrification, renewables, AI’s power-hungry data centres, all roads lead back to the red metal. Even after a pause for breath in 2026, prices remain historically elevated. Yet measured against the S&P 500, copper still looks surprisingly undervalued.
“Antofagasta looks beautifully positioned in 2026. Disciplined, cash-generative, and leveraged to a structural demand story that’s only just gathering heat. Barring a global downturn, this cycle has the feel of something deeper. In copper, conviction counts, and right now, Antofagasta has it in abundance.”