CHILE · ECONOMY
Key Facts
- The company Grupo CAP is a Chilean iron ore miner, also active in steel products.
- The loss Nine-month loss reached US$127.8 million, up from US$71.7 million a year earlier.
- The cause Iron ore prices fell, ocean freight rose and the steel-products arm lost money.
- The cash Operating cash flow still rose 62.1% to US$320.5 million over the same nine months.
- Power Index Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 62.9 points (November 2026 edition).
Chilean iron ore miner Grupo CAP lost another US$71 million in the third quarter, and its loss for the first nine months of 2026 now stands at US$127.8 million. The company filed the results with Chile’s financial regulator, the Commission for the Financial Market (CMF), on Friday 6 November 2026.
For US readers, the numbers show how a weaker iron price and costly shipping can squeeze a miner. Iron ore is the raw material for steel, so CAP’s results are a quiet signal about global steel demand and ocean freight costs.
What Happened
CAP said its third-quarter loss attributable to shareholders was US$71.0 million, against US$15.7 million in the same quarter of 2025. Over nine months the loss was US$127.8 million, against US$71.7 million a year earlier.
Revenue for the nine months fell 5.4% to US$1,251.6 million. Earnings before interest, taxes, depreciation and amortisation (EBITDA, a common measure of operating profit) dropped 32.8% to US$198.2 million.
CAP blamed weaker results in its mining and industrial businesses, partly offset by lower net financing costs and a gain from currency moves. Chief executive Nicolás Burr said the group faces “external conditions that have pressed results” and is acting to improve performance.
Why Iron Ore Hurt
CAP’s mining arm, Compañía Minera del Pacífico (CMP), sells iron ore from mines in northern Chile. Its nine-month revenue slipped 2.2% to US$951.1 million, and the average price it realised fell 10.1%.
The company said ocean freight rose faster than the reference iron price improved, mainly because of geopolitical tension in the Middle East. Extreme weather in late July also briefly disrupted production and logistics in the Elqui and Huasco valleys of northern Chile, and operations returned to normal in the following weeks.
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| CMPC | 898.00 | -0.77% | -33.54% | 905.00 | 909.16 | 888.78 | 1,783,541 |
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| SOUTHERN COPPER | 167.27 | +1.14% | +28.43% | 165.38 | 168.83 | 164.77 | 1,127,963 |
The Steel and Infrastructure Arms
The industrial arm, which includes the steel-products maker Cintac in Chile and Peru, had a negative nine-month EBITDA of US$6.4 million, against a positive US$12.9 million a year earlier. CAP linked this to delays in building projects in Chile and Peru and to start-up costs of a new housing business in Chile.
The infrastructure arm, which runs water supply and ports, earned an EBITDA of US$44.5 million, down 2.8%. Its net profit was US$17.5 million, against US$22.4 million a year earlier.
What It Means for You
If you own Chile-focused or emerging-market funds, CAP is a reminder that falling prices and rising shipping costs can erase a miner’s profit. The company is listed on the Santiago stock exchange.
US steel buyers and shippers can read the freight and price figures as a sign of how much cost sits between a mine and a mill. Our iron ore market report tracks the daily price.
What Is Not Known
CAP has not said when its steel-products arm will return to profit or how far iron ore prices must recover for the group to break even. The figures here are the company’s own, and its full financial statements may add detail on the third quarter.
The future of its Huachipato steelworks, which has made no steel since 2024, is also not covered in these results. For more on Chile’s mining policy, see our report on Chile’s delay of mining fees.
More: Chile news in English, every day from The Rio Times.
Frequently Asked Questions
How Much Did Grupo CAP Lose in 2026?
The loss attributable to shareholders was US$127.8 million in the first nine months of 2026, against US$71.7 million a year earlier. The third quarter alone was a loss of US$71.0 million.
What Does Grupo CAP Do?
CAP mines iron ore in northern Chile, makes steel products through Cintac, and runs water and port businesses. It is listed on the Santiago stock exchange.
Why Did Its Results Get Worse?
The company points to a 10.1% lower realised iron ore price, higher ocean freight and weaker steel-products projects. Cash from operations still rose 62.1% to US$320.5 million.
Is the Huachipato Steelworks Still Open?
CAP’s Huachipato steelworks has made no steel since 2024. The results give no separate figures for the site.
Sources: Commission for the Financial Market (CMF), Chile, filing by Grupo CAP, 6 November 2026; Grupo CAP, third-quarter 2026 results release, 6 November 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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