Antofagasta has reported a significant jump in earnings, driven by rising commodity prices, though extreme weather conditions in Chile have impacted its operations and led to a downward revision of its annual production targets.

The copper miner, which is listed on the FTSE 100 index, announced a 72% increase in pre-tax profit to $2.0 billion for the first half of the year. This was fueled by a 36% rise in copper prices and a 46% increase in gold prices. Its earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 27% to $2.84 billion, while operating cash flow surged 53% to $2.77 billion.

However, the company's operations were disrupted by heavy rains and a power outage at its Los Pelambres mine, located north of Santiago. Although production resumed after a few days, the incident has forced Antofagasta to cut its full-year copper production guidance. The company now expects to produce between 625,000 and 655,000 tonnes, down from its previous forecast of 650,000 to 700,000 tonnes.

Despite the operational setbacks, the company maintained its cash cost and capital expenditure guidance for the year. It also declared a dividend of 30.1 cents per share, a significant increase from the 16.6 cents per share paid in the first half of the previous year.