Antofagasta Management
Management criteria checks 3/4
We currently do not have sufficient information about the CEO.
Key information
Ivan Arriagada Herrera
Chief executive officer
US$8.7m
Total compensation
| CEO salary percentage | 15.22% |
| CEO tenure | 10.3yrs |
| CEO ownership | n/a |
| Management average tenure | 6.3yrs |
| Board average tenure | 6.3yrs |
Recent management updates
Recent updates
Narrative Update • Jul 07
ANTO: Copper Delivery Risks And Cash Generation Outlook Will Shape Future Returns
The analyst price target for Antofagasta has been revised higher to an implied fair value of £37.96 from £35.96. This reflects analysts' focus on peer-leading production growth, expected free cash flow inflection and generally supportive revisions to Street targets, despite some differing views on the stock.
Narrative Update • Jun 23
ANTO: Rising Execution Risks Will Likely Cap Copper Upside Potential
Antofagasta's updated fair value estimate has risen from £23.50 to £26.50 per share. This reflects analysts' higher price targets and assumptions for stronger top line growth, offset by slightly lower profit margins and a higher future P/E multiple.Narrative Update • Jun 05
ANTO: Copper And Geopolitical Risks Will Restrain Future Share Performance
Narrative Update The analyst price target for Antofagasta is now set slightly higher at about £35.96 per share, up from £35.00, as analysts factor in updated assumptions on revenue, profit margins and future P/E, alongside a series of recent price target revisions across the Street. Analyst Commentary Recent research on Antofagasta shows a wide range of views, with some firms lifting targets and ratings while others trim targets or move to more cautious stances.Narrative Update • May 15
ANTO: Geopolitical And Sector Risks Will Likely Pressure Copper Upside Potential
Analysts have nudged the fair value estimate for Antofagasta slightly lower to £23.50 from about £23.72, reflecting a modestly higher discount rate and mixed price target revisions, with several recent moves in the £100 to £600 range across the broker community. Analyst Commentary Recent Street research on Antofagasta shows a wide spread of views, with some firms lifting price targets while others turn more cautious.Narrative Update • Apr 29
ANTO: Mixed Broker Views Will Shape Outlook As Copper Conditions Steer Expectations
Antofagasta's analyst fair value has shifted from £26.26 to £35.00, as analysts factor in revised assumptions on revenue growth, profit margins and discount rates, alongside a mix of recent target changes, including multiple raises from Citi, Morgan Stanley, JPMorgan and others, set against several downgrades and target cuts. Analyst Commentary Recent research on Antofagasta presents a mixed picture, with both bullish and bearish analysts adjusting ratings and price targets in quick succession.
Narrative Update • Apr 14
ANTO: Copper Price Strength Will Support Medium Term Earnings Power
Antofagasta's analyst price target has been revised slightly lower to reflect a modest trim in fair value to £46.99 from £47.82, as analysts balance recent target increases and upgrades with more cautious moves around discount rates, profit margins and future P/E assumptions. Analyst Commentary Recent Street research on Antofagasta shows a mix of raised and trimmed price targets, alongside both upgrades and downgrades.Narrative Update • Mar 31
ANTO: Copper Upswing And Centinela Expansion Will Support Medium Term Earnings Power
Antofagasta's analyst fair value estimate has shifted from £40.28 to £47.82, as analysts balance higher assumed revenue growth with lower profit margins and a mixed series of recent target changes and rating moves across the Street. Analyst Commentary Recent research on Antofagasta shows a mix of upgrades, downgrades and price target resets, with views split on valuation, risk and execution.Analysis Article • Mar 29
Antofagasta plc (LON:ANTO) Full-Year Results: Here's What Analysts Are Forecasting For This Year
It's been a good week for Antofagasta plc ( LON:ANTO ) shareholders, because the company has just released its latest...Narrative Update • Mar 17
ANTO: Copper Optimism Will Likely Underestimate Geopolitical And Project Execution Risks
Antofagasta's analyst fair value estimate has edged up from £23.49 to £23.72, as analysts weigh higher revenue growth assumptions, a slightly lower profit margin outlook, and a higher discount rate against a mixed set of recent price target changes that reflect both upgraded and downgraded views on the shares. Analyst Commentary Recent Street research on Antofagasta shows a split in opinion, with upbeat price target moves and upgrades offset by a cluster of downgrades and more conservative assumptions on copper and iron ore.Narrative Update • Mar 02
ANTO: High Copper Optimism Will Likely Outrun Centinela Execution And Delivery Risks
Narrative update The analyst price target for Antofagasta has been lifted by £0.49 to £23.49. Analysts point to recalibrated fair value assumptions, a higher future P/E multiple, and updated expectations for revenue growth and profit margins as key drivers of the change.Narrative Update • Feb 16
ANTO: Elevated Copper Hopes Will Likely Struggle Against Centinela Execution Risks
The analyst fair value estimate for Antofagasta has been raised from £21.04 to £23.00. Analysts cite updated assumptions around revenue growth, profitability, and a slightly higher discount rate, along with recent upward and downward revisions to Street price targets.Narrative Update • Feb 02
ANTO: Project Execution Risks Likely To Challenge Rich Copper Earnings Expectations
The analyst price target for Antofagasta has been lifted to a new fair value estimate of £21.04 from £18.96 as analysts factor in higher assumed revenue growth, stronger profit margins, and a lower future P/E multiple supported by recent target hikes and rating changes across major banks. Analyst Commentary Recent Street research on Antofagasta points to a mix of optimism on growth projects and caution on how much of that potential is already reflected in the share price.Narrative Update • Jan 19
ANTO: Copper Upswing And Project Delivery Will Support Medium Term Earnings Power
The analyst fair value estimate for Antofagasta has been raised from £35.03 to £40.28, reflecting updated assumptions on margins, growth and future P/E as analysts respond to recent price target changes across the Street. Analyst Commentary Street research on Antofagasta shows a wide range of opinions, but the most optimistic voices are highlighting potential upside tied to project execution and revised valuation assumptions.Analysis Article • Jan 19
Antofagasta plc's (LON:ANTO) Business Is Yet to Catch Up With Its Share Price
With a price-to-earnings (or "P/E") ratio of 43x Antofagasta plc ( LON:ANTO ) may be sending very bearish signals at...Narrative Update • Jan 05
ANTO: Future Copper Output Guidance Will Test Rich Earnings Expectations
The analyst fair value estimate for Antofagasta has been raised from £13.72 to £18.96 as analysts factor in updated Street price targets in the £2,400 to £3,500 range, paired with assumptions for higher revenue, stronger profit margins and a slightly higher future P/E multiple. Analyst Commentary Recent Street research on Antofagasta shows a wide range of price targets, from £24.00 to £35.00 per share, with different views on how much upside is left after the stock's recent re-rating.Analysis Article • Dec 24
Antofagasta plc's (LON:ANTO) Intrinsic Value Is Potentially 95% Above Its Share Price
Key Insights Antofagasta's estimated fair value is UK£63.22 based on 2 Stage Free Cash Flow to Equity Antofagasta's...Narrative Update • Dec 16
ANTO: Copper Cycle Upswing Will Support Medium Term Earnings Power
The analyst price target for Antofagasta has been lifted from about $25.09 to roughly $35.03 as analysts factor in higher forecast revenue growth, improved profit margins, and a richer future earnings multiple, supported by a series of upward target revisions from major brokers, despite some valuation driven downgrades. Analyst Commentary Recent Street research on Antofagasta reflects a broadly constructive stance, with several bullish analysts lifting price targets meaningfully as they reassess the company’s earnings power and leverage to the copper cycle.Analysis Article • Dec 04
Antofagasta (LON:ANTO) Is Experiencing Growth In Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Narrative Update • Dec 02
ANTO: Fluctuating Broker Views Will Shape Outlook As Production Guidance Is Watched
Antofagasta’s analyst price target has risen slightly from £25.84 to £26.26. This change reflects analysts’ improved confidence following recent upward revisions in Street research and ongoing strength in profit margins.Narrative Update • Nov 18
ANTO: Future Copper Output And Earnings Momentum Will Be Closely Watched
Antofagasta's analyst price target has been revised downward from £24.79 to £25.84 per share. This change reflects a more cautious outlook from analysts amid recent reductions in growth and profitability expectations.Narrative Update • Nov 03
ANTO: Share Price Strength Will Face Pressure From Overextended Valuation This Year
Antofagasta's analyst price target has recently been lowered by a moderate margin, with new targets ranging from £24.00 to £34.00. Analysts cite updated valuation assumptions and evolving expectations for profit margins and growth rates.Narrative Update • Oct 20
Copper Expansion And Water Efficiency Will Secure Future Production
Antofagasta's analyst fair value target has increased from £21.55 to £24.71. This change reflects analysts' improved outlook on revenue growth and profitability, as supported by recent upward price target revisions despite some valuation concerns.Narrative Update • Oct 05
Copper Expansion And Water Efficiency Will Secure Future Production
Antofagasta’s analyst price target has increased by approximately £0.98. Analysts point to strengthened profit margins and higher expected revenue growth, despite concerns over valuation.Analysis Article • Sep 30
Subdued Growth No Barrier To Antofagasta plc (LON:ANTO) With Shares Advancing 31%
Antofagasta plc ( LON:ANTO ) shares have continued their recent momentum with a 31% gain in the last month alone. The...Analysis Article • Sep 26
Is Antofagasta (LON:ANTO) Using Too Much Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Narrative Update • Sep 20
Copper Expansion And Water Efficiency Will Secure Future Production
Analysts have modestly raised Antofagasta’s price target to £20.57, citing stronger copper price forecasts, resilient operational performance, and easing input cost pressures, though some caution remains following recent share price gains. Analyst Commentary Bullish analysts are responding to stronger copper price forecasts and anticipated demand growth driven by ongoing electrification and green energy trends.Analysis Article • Sep 05
Antofagasta (LON:ANTO) Is Doing The Right Things To Multiply Its Share Price
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Narrative Update • Aug 27
Centinela Second Concentrator Will Increase Future Copper Output Amid Rising Global Demand
Analysts have raised Antofagasta’s price target to £20.36, citing higher copper price forecasts, confidence in production growth and cost control, and sector tailwinds, though some caution remains due to commodity volatility. Analyst Commentary Bullish analysts cite improving copper price forecasts driven by robust global demand and supply constraints as a key reason for upward price target revisions.Analysis Article • Jul 22
Antofagasta plc's (LON:ANTO) Popularity With Investors Is Under Threat From Overpricing
With a price-to-earnings (or "P/E") ratio of 31.4x Antofagasta plc ( LON:ANTO ) may be sending very bearish signals at...
New Narrative • Mar 15
Centinela Second Concentrator Will Increase Future Copper Output Amid Rising Global Demand
Antofagasta is well-positioned for growth due to increased copper demand tied to electrification and AI, aiding revenue from potentially higher copper prices.CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Dec 31 2025 | US$9m | US$1m | US$1b |
| Sep 30 2025 | n/a | n/a | US$1b |
| Jun 30 2025 | n/a | n/a | US$1b |
| Mar 31 2025 | n/a | n/a | US$960m |
| Dec 31 2024 | US$6m | US$1m | US$829m |
| Sep 30 2024 | n/a | n/a | US$797m |
| Jun 30 2024 | n/a | n/a | US$764m |
| Mar 31 2024 | n/a | n/a | US$800m |
| Dec 31 2023 | US$5m | US$1m | US$835m |
| Sep 30 2023 | n/a | n/a | US$1b |
| Jun 30 2023 | n/a | n/a | US$2b |
| Mar 31 2023 | n/a | n/a | US$2b |
| Dec 31 2022 | US$5m | US$833k | US$2b |
| Sep 30 2022 | n/a | n/a | US$1b |
| Jun 30 2022 | n/a | n/a | US$885m |
| Mar 31 2022 | n/a | n/a | US$1b |
| Dec 31 2021 | US$4m | US$755k | US$1b |
| Jun 30 2021 | n/a | n/a | US$1b |
| Mar 31 2021 | n/a | n/a | US$764m |
| Dec 31 2020 | US$5m | US$589k | US$499m |
| Jun 30 2020 | n/a | n/a | US$334m |
| Mar 31 2020 | n/a | n/a | US$418m |
| Dec 31 2019 | US$2m | US$640k | US$501m |
Compensation vs Market: Ivan's total compensation ($USD8.70M) is about average for companies of similar size in the UK market ($USD7.62M).
Compensation vs Earnings: Ivan's compensation has increased by more than 20% in the past year.
CEO
Ivan Arriagada Herrera (62 yo)
10.3yrs
Tenure
US$8,697,000
Compensation
Mr. Ivan Arriagada Herrera has been the Chief Executive Officer of Antofagasta Minerals S.A. since February 16, 2015 and Antofagasta plc since April 8, 2016. He joined Antofagasta plc in February 16, 2015....
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chief Executive Officer | 10.3yrs | US$8.70m | no data | |
| Chief Financial Officer | 6.3yrs | no data | no data | |
| Chief Operating Officer | 3.5yrs | no data | no data | |
| Vice President of Legal | 12.4yrs | no data | no data | |
| Vice President of Sales | 2.5yrs | no data | no data | |
| Vice President of People & Organisation | 4.3yrs | no data | no data | |
| Vice President of Sustainability | 2.5yrs | no data | no data | |
| Vice President of Exploration and Mineral Resources | less than a year | no data | no data | |
| Chief Executive Officer of Corporation Nacional Del Cobre De Chile | 11.8yrs | no data | no data | |
| Company Secretary | 11.6yrs | no data | no data | |
| Adviser to the Board | no data | US$1.53m | no data |
6.3yrs
Average Tenure
77yo
Average Age
Experienced Management: ANTO's management team is seasoned and experienced (6.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Non Executive Chairman | 36.5yrs | US$1.05m | 4.26% £ 1.6b | |
| Independent Non-Executive Director | 6.3yrs | US$347.00k | no data | |
| Non-Executive Director | 21.5yrs | US$305.00k | no data | |
| Non-Executive Director | 23.5yrs | US$1.19m | no data | |
| Independent Non-Executive Director | 1yr | US$143.00k | no data | |
| Independent Non-Executive Director | 7.2yrs | US$348.00k | no data | |
| Independent Non-Executive Director | 2.5yrs | US$304.00k | no data | |
| Independent Non-Executive Director | 5.3yrs | US$352.00k | no data | |
| Non-Executive Director | less than a year | US$264.00k | no data | |
| Independent Non-Executive Director | 3.3yrs | US$306.00k | no data | |
| Senior Independent Non-Executive Director | 9.7yrs | US$392.00k | no data |
6.3yrs
Average Tenure
64yo
Average Age
Experienced Board: ANTO's board of directors are considered experienced (6.3 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/15 01:49 |
| End of Day Share Price | 2026/07/15 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Antofagasta plc is covered by 36 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Peter Ward | Barclays |
| Izak Rossouw | Barclays |
| William Dalby | Berenberg |