Antofagasta plc Sets 2027 Copper Guidance at 630–690 kt

What happened

According to its October 15 report, Antofagasta plc announced 2027 copper guidance of 630,000–690,000 tonnes. Meanwhile, its 2026 range remains 625,000–655,000 tonnes. In addition, third quarter production reached 151,900 tonnes, up 7% from the previous quarter.

However, higher diesel costs lifted 2026 cash cost guidance before byproduct credits to US$2.60–2.70 per pound. By contrast, net cash cost guidance and capital expenditure guidance remain unchanged. Moreover, Centinela’s expansion is in precommissioning, which does not establish full production.

Overall, the outlook links future copper availability to commissioning progress and cost control. Therefore, guidance should remain separate from delivered supply.

What happened

According to its October 15 report, Kenmare cut 2026 ilmenite guidance to 710,000–750,000 tonnes from approximately 800,000 tonnes. Specifically, commissioning challenges at Wet Concentrator Plant A continue. Consequently, consistent nameplate operation is now expected in the first half of 2027. However, third quarter ilmenite output rose 12% from a year earlier to 233,600 tonnes.

Separately, a completed prefeasibility study points to potential monazite concentrate output of up to 4,000 tonnes annually. Consequently, Kenmare is starting a definitive feasibility study. However, this is concentrate potential, rather than rare earth oxide or magnet production. In addition, the study could take up to a year. Even then, first production would follow approximately two years after a decision to proceed.

The monazite option could therefore diversify Moma’s output, but the existing plant’s commissioning constraints still govern the near term supply picture.

What happened

According to its October 15 announcement, Talamore closed a C$20 million first tranche of secured notes. Specifically, it forms part of a facility of up to C$450 million. However, further draws remain subject to conditions. The proceeds will support Coffee development and construction, alongside general corporate purposes. In addition, the company issued 47.25 million warrants alongside the first tranche. Meanwhile, the facility envisages draws over up to 18 months.

At the same time, the Yukon gold project is still in final permitting and engineering as Talamore works toward a construction decision. Accordingly, the first financing close should not be read as a fully drawn facility or construction approval.

Coffee’s funding pathway consequently depends on subsequent draw conditions as well as the permitting and engineering work needed for a construction decision.

What happened

According to its October 15 announcement, Atico closed a secured convertible debenture with a US$16.4 million face value. However, fresh cash totals approximately US$12.48 million. Specifically, the transaction also converts approximately US$3.52 million of existing debt, so its face value does not measure new liquidity. In addition, Atico separately issued shares to settle US$2.5 million of debt. Consequently, the old Trafigura credit agreement is now fully repaid.

Meanwhile, part of the cash repays a separate liability. In turn, the remainder supports La Plata preconstruction work and general purposes. Accordingly, management describes near term preconstruction as funded, targeting construction readiness in the first quarter of 2027.

Trafigura’s capital therefore changes both Atico’s liabilities and its available cash, while leaving the larger construction funding requirement distinct from preconstruction readiness.

What happened

According to its October 15 announcement, Outcrop Silver received approval of Santa Ana’s pilot Technical Work Plan. Specifically, Project Argentum envisages a small underground operation and plant handling up to 40 tonnes daily. Meanwhile, the company targets first pilot production in 2027. In addition, the environmental assessment is with CORTOLIMA. The company also plans a preliminary economic assessment after filing its updated resource technical report.

However, an environmental licence remains necessary before construction. Moreover, the pilot production decision lacks a feasibility study of reserves demonstrating economic and technical viability. Therefore, the technical approval is a permitting milestone, rather than evidence of commercial output.

The staged approach therefore makes environmental authorisation central to the pilot timetable, while any larger operation still depends on studies, capital and permits.

What happened

According to NioCorp’s October 15 announcement, EXIM retained its target to finance approximately 65% of Elk Creek’s upfront capital costs. However, the support letter leaves financing subject to satisfactory due diligence.

Meanwhile, the company expects progress toward EXIM’s internal transaction review. Accordingly, the letter strengthens prospective public financing support without establishing loan approval, a disbursement or a fixed decision date. Investors therefore still face underwriting and approval risk. In addition, the company’s recent feasibility work estimates upfront capital costs at approximately US$1.85 billion.

EXIM could consequently shape a substantial share of Elk Creek’s funding mix, but conditional policy backing still leaves the project exposed to credit review.