Commodity Price Volatility: Antofagasta's revenue and profitability are highly dependent on the global prices of copper and, to a lesser extent, molybdenum and gold, which are subject to significant fluctuations due to global supply and demand, economic conditions, and geopolitical events.

Chilean Political & Regulatory Risk: Operations in Chile are exposed to potential changes in mining law, environmental regulations, water rights, tax regimes, social unrest, or shifts in government policy that could impact costs, permits, or operational stability.

Water Scarcity & Management Challenges: Mining operations, particularly in arid regions of Chile, are highly reliant on water. Increasing water stress and stricter regulations necessitate significant investment in desalination plants or other water sources, adding to operational costs and potential for project delays.