As trading opened on Friday, 14 August 2026, the FTSE 100 was down almost 150 points for the week. Much of the losses were driven by major miners Antofagasta (LSE: ANTO), Glencore, and Anglo American — all of which dropped around 3%-5% the previous day.
Slightly less impacted was Endeavour Mining, down 0.7%, Rio Tinto, down 1.4%, and Fresnillo, down 1.1%.
The six firms together contribute around £284.4bn to the UK market, with the combined losses on Thursday resulting in approximately £6.9bn in lost value.
| Company | Market value | Friday’s move | Approx. value lost |
|---|---|---|---|
| Rio Tinto | £121.3bn | −1.4% | £1.8bn |
| Glencore | £63.7bn | −2.4% | £1.6bn |
| Anglo American | £44.9bn | −1.8% | £1bn |
| Antofagasta | £34.9bn | −4.8% | £2bn |
| Fresnillo | £20.9bn | −1.1% | £0.3bn |
| Endeavour Mining | £9.7bn | −0.7% | £0.2bn |
| Total | £295.4bn | −2.35% weighted | £6.9bn |
By close of day, some of the losses had been recovered. But the situation still paints a stark picture of just how important mining is to the domestic economy.
So what happened to UK mining last week, and what does it mean for investors?
Antofagasta is one of the UK’s most prominent pure-play copper miners, having produced approximately 653,700 tonnes of the red metal in 2025.
It operates four mines across Chile and as such, is highly sensitive to copper prices, Chilean operating conditions, production volumes, and project execution.
On Thursday (13 August 2026), the miner released its first-half results, showing an 18% revenue jump and pre-tax profit up 72% to $2bn. Earnings per share (EPS) climbed 62% to 85.9c, promoting a huge 81% dividend increase to 30.1c per share.
And yet despite the impressive results, investors chose to focus on one thing: a reduction in its 2026 copper-production forecast to 625,000–655,000 tonnes, down from 650,000–700,000 tonnes.
The downgrade followed severe rain and snowfall in Chile, which temporarily shut the company’s Los Pelambres mine and damaged some pipeline platforms and water-management infrastructure.
The lower guidance implies a reduction of roughly 5% at the midpoint, which raises concerns about:
- Lower copper sales volumes
- Potentially higher unit costs
- Repair and remediation expenditure
- Increased risk for the remainder of winter in Chile
First-half copper output was 285,000 tonnes, down approximately 9% year on year, principally because of weaker production at Los Pelambres and Centinela.
The decline came amid a wider retreat in mining shares as copper and industrial-metals sentiment weakened.
The bottom line
I have almost no exposure to mining shares because the companies typically operate outside of my risk tolerance. However, there’s no question that it’s a critical part of the global economy, supplying raw minerals used in construction, manufacturing, technology, energy, and agriculture.
Antofagasta says its Centinela and Los Pelambres projects remain on track and are expected to support a substantial production increase from 2027 onwards.
From that perspective, this small dip could offer a low-cost buying opportunity for risk-tolerant investors. But it’s not an obvious bargain. Operationally, Antofagasta is clearly doing well, but when it comes to environmental risk, you never know what to expect.
If you think you can handle the volatility, it’s worth a closer look. Me? I’m more into healthcare, housing, and utilities – and right now, one FTSE 100 dividend stock looks more tempting than a bet on Chilean weather.
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Mark Hartley does not hold any positions in the companies mentioned.
