Antofagasta shares dropped 7.5% to 3,946p amid a broad selloff in mining stocks. The FTSE 100 fell over 0.5% as precious and industrial metals retreated.
Fresnillo and Antofagasta lost more than 5%, Anglo American dropped 4%, and Endeavour fell nearly 3%.
Gold prices declined on renewed U.S.-Iran tensions, boosting the dollar and raising concerns about sticky inflation. Traders fear higher rates could persist.
HSBC analyst Shilan Modi cut the price target to GBP 13.50 with a Reduce rating. Oddo BHF initiated with a Neutral rating.
Geopolitical risks, a hawkish rate outlook, and a potential copper surplus in 2026 weigh on shares.
