According to the China Earthquake Networks Center, at 5:52 AM Beijing time on May 26, 2026 (5:52 PM local time on May 25), a magnitude 6.9 earthquake struck the Antofagasta Region in northern Chile, with a focal depth of approximately 114 kilometers. The U.S. Geological Survey (USGS) measured the focal depth at approximately 109 kilometers. Within a 200-kilometer radius of the epicenter, 21 earthquakes of magnitude 3 or above have occurred in the past five years, the largest being a magnitude 7.3 earthquake on July 19, 2024. The Antofagasta Region is Chile's core mining area and a globally significant copper mine concentration zone. Following the earthquake, the global copper market quickly turned its attention to local mine production and transportation conditions. Codelco stated that due to low visibility in mine pits and localized power outages, the company had suspended some production activities and initiated safety inspection procedures. According to SMM, the affected mines under Codelco have now resumed normal production. Global mining giant BHP and Antofagasta PLC indicated that their operations were generally unaffected, but they had temporarily halted some operations in accordance with emergency protocols to conduct safety assessments of facilities. Chile's National Disaster Prevention and Response Service (SENAPRED) reported that the earthquake triggered landslides in some production areas, and Calama experienced power outages and localized water supply disruptions. However, no casualties or major infrastructure damage had been reported, and ports and major transportation facilities were currently operating normally. Although this earthquake was of relatively high magnitude with a deep focal point, given Chile's relatively mature seismic-resistant mining infrastructure system, the actual impact of this event on the global copper supply chain was temporarily limited, manifesting more as short-term sentiment disturbance. However, as the world's largest copper-producing country, Chile holds a pivotal position in the global copper supply chain. Data from China's General Administration of Customs showed that from January to April 2026, China imported a total of 9.9151 million mt in physical content of copper concentrates, of which 3.0526 million mt in physical content were imported from Chile, accounting for approximately 30.79%. Chile remained China's largest source of copper concentrates imports. Against the backdrop of already tight global copper concentrates supply and persistently low treatment charges (TCs), any production disruption from Chile's core mining areas could trigger copper price fluctuations. If subsequent situations arise such as prolonged mine shutdowns, hindered port transportation, or slow power restoration, this could further push up international copper prices and the performance of related non-ferrous metals sectors. As of now, major miners in Chile have not disclosed any significant facility damage or long-term shutdown information.

According to the China Earthquake Networks Center, a magnitude 6.9 earthquake struck the Antofagasta Region in northern Chile at 17:52 local time on May 25 (05:52 Beijing time on May 26, 2026), with a focal depth of approximately 114 kilometers. Within a 200-kilometer radius of the epicenter, 21 earthquakes of magnitude 3 or above have occurred in the past five years, the largest of which was a magnitude 7.3 earthquake on July 19, 2024. According to data from the General Administration of Customs, Chile is the largest source country for China's copper concentrate imports. From January to April 2026, China imported a total of 9.9151 million mt in physical content of copper concentrates, of which 3.0526 million mt in physical content were imported from Chile, accounting for approximately 30.79%.

SMM Morning Meeting Summary: LME copper was closed overnight. The most-traded SHFE copper 2607 contract opened higher with a gap at 106,300 yuan/mt overnight. Copper prices then quickly shifted their center downward, followed by wild swings during which prices dipped to 105,420 yuan/mt. Near the end of the session, prices fluctuated upward and ultimately closed at 105,780 yuan/mt, up 0.39%. The trading volume reached 26,500 lots, and open interest stood at 181,000 lots, down 1,026 lots from the previous trading day, indicating bears reducing their positions.

BHP Group said on Tuesday, May 26, that the earthquake in Chile's Antofagasta region had no impact on the company's operations. According to Xinhua News Agency, citing the National Seismological Center of the University of Chile, a magnitude 6.9 earthquake struck the Antofagasta region in northern Chile on the 25th. No casualties or property damage have been reported so far. The earthquake occurred at 17:52 local time on the 25th (5:52 Beijing time on the 26th), with the epicenter located 20 kilometers northeast of Calama City in the Antofagasta region, at a depth of 114 kilometers. (Wenhua Comprehensive)

Chile's Antofagasta mining company released its Q1 2026 production report. CEO Ivan Arriagada stated that he was pleased to report another quarter of strong cash cost performance. The group's net cash cost for the quarter was 108¢ per pound, with Los Pelambres mine at 72¢ per pound and Centinela mine at 34¢ per pound. This fully demonstrates the quality of the company's asset portfolio, including our significant exposure in gold and molybdenum operations.

Antofagasta Plc is taking an early look at opportunities in Argentina as sweeping policy changes revive interest in one of the world’s most promising new copper frontiers, chief executive officer Iván Arriagada said in an interview.The Chilean miner would consider entering through standalone exploration or a partnership with existing projects, such as Glencore Plc’s El Pachón, which is just across the border from Antofagasta’s flagship mine in Chile, Arriagada said Monday. The interest is at an early stage, without any specific targets, he said.