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Chilean copper mining company operating several large open-pit and underground copper mines, plus a water/transport infrastructure business.
Chilean copper mining company operating several large open-pit and underground copper mines, plus a water/transport infrastructure business.
Sells copper concentrate, a semi-processed product, to smelters, mainly in Asia, at prices linked to the London copper price less processing charges, so profit follows copper prices and its own costs. By-product molybdenum and gold reduce net costs. The Luksic family of Chile controls the group, which also owns a Chilean railway serving its mines.
In one line: A Chilean copper miner, like a smaller Freeport-McMoRan.
Moat: narrow (scale, installed base). Owns long-life, low-cost Chilean copper deposits, but is fundamentally a price-taker on global copper prices.
Headquarters: Santiago, Chile · Founded: 1888 · Employees: 38,072
Size Antofagasta (ANTO.L) is a United Kingdom Materials company (Other Metals/Minerals) with a market value of $41.3B, the 24th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £3,113 on 6 Nov 2026.
Performance Over six months the shares fell 21.3%, against -14.4% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 20.2% over the last twelve months (peer median +22.5%); the operating margin is 44.2% (peer median 18.7%).
Valuation It trades at 20.8× forward earnings against a peer median of 14.2× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.7 points below its cost of capital (13.8% WACC).
Credit Antofagasta has 4 bonds outstanding ($2.35B), rated BBB by the agencies and trading like BBB at a weighted spread of 110 bp.
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £6.93B | £6.54B | £5.18B | £5.09B | £4.76B |
| Revenue growth | — | +26% | +2% | +7% | — |
| Gross profit | £3.56B | £3.13B | £1.83B | £2.01B | £1.87B |
| EBITDA | £4.25B | £3.95B | £2.59B | £2.48B | £2.34B |
| Net income | £1.23B | £1.01B | £649M | £672M | £1.24B |
| Free cash flow | £32.0M | -£286M | £43.0M | £258M | £62.3M |
| Capital expenditure | £2.74B | £2.80B | £1.89B | £1.71B | £1.53B |
| Total debt | n/a | £5.69B | £4.75B | £3.20B | £2.72B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Antofagasta ANTO.L | $41.3B | -21% | +20% | 44% | 20.8× | 17.7% |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
| Southern Copper SCCO | $143B | -9% | +39% | 59% | 21.5× | 6.8% |
| BHP BHP.AX | $203B | -6% | +9% | 39% | 15.7× | -1.0% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ANTO.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.7% | -11.7% | 10th lowest of 21 |
| 6-month return | -21.3% | -14.4% | 8th lowest of 21 |
| Distance from 52-week high | -30.4% | -31.0% | 10th highest of 21 |
| Revenue growth (TTM) | +20.2% | +22.5% | 8th lowest of 21 |
| Operating margin | 44.2% | 18.7% | 3rd highest of 21 |
| Forward P/E | 20.8× | 14.2× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 17.7% | 7.7% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +10.3% | +9.9% | 8th highest of 15 |
| Hurdle (Req g minus delivered) | +7.4 pp | +1.1 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | -0.7 pp | +3.1 pp | 8th lowest of 21 |
| EV / EBITDA | 8.7× | 9.9× | 7th cheapest of 18 |
| Net debt / EBITDA | 0.7× | 0.7× | 10th least indebted of 19 |
| Bond spread | 110 bp | 113 bp | 3rd tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Antofagasta ANTO.L | United Kingdom | $41.3B | -21% | +20% | 44% | 20.8× | 17.7% | +10.3% |
| Anglo American AAL.L | United Kingdom | $53.7B | -5% | -14% | 23% | 29.6× | 17.0% | -6.7% |
| Teck Resources TECK-B.TO | Canada | $29.9B | +3% | +44% | 34% | 16.2× | 4.6% | +3.7% |
| Hindustan Zinc HINDZINC.NS | India | $25.4B | -11% | +57% | 51% | 11.8× | 1.4% | +11.7% |
| ATI ATI | United States | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% | +9.0% |
| Hindalco Industries HINDALCO.NS | India | $22.7B | -9% | +20% | 11% | 8.6× | n/a | n/a |
| Freeport-McMoRan FCX | United States | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% | +12.6% |
| First Quantum Minerals FM.TO | Canada | $19.5B | -1% | +28% | 23% | 15.2× | n/a | n/a |
| Lundin Mining LUN.TO | Canada | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% | +13.9% |
| China National Uranium 001280.SZ | China | $17.9B | -29% | +15% | 14% | 47.7× | n/a | n/a |
| JX Advanced Metals 5016.T | Japan | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% | -18.6% |
| Boliden BOL.ST | Sweden | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% | +10.7% |
| Korea Zinc 010130.KS | South Korea | $14.4B | -39% | +53% | 8% | 16.2× | n/a | n/a |
| Jiangxi Copper 0358.HK | Hong Kong | $14.3B | -36% | +22% | 4% | 4.7× | n/a | n/a |
| KGHM Polska Miedz KGH.WA | Poland | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% | +9.2% |
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| Southern Copper SCCO | United States | $143B | -9% | +39% | 59% | 21.5× | 6.8% | +10.9% |
| Rio Tinto RIO.L | United Kingdom | $144B | -21% | +11% | 27% | 10.3× | 5.6% | +4.7% |
Antofagasta has 4 bonds outstanding with $2.35B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.83%, a spread of 110 bp over government bonds.