Copper production misses forecasts at Antofagasta
By Abigail Townsend
Date: Thursday 16 Jan 2025
(Sharecast News) - Chilean miner Antofagasta reiterated its 2025 outlook on Thursday, despite copper production narrowly missing forecasts.
The London-listed firm - which operates four South American mines - said copper production had been largely flat in 2024, up just 0.5% at 664,000 tonnes.
The firm had previously said it expected to produce between 670,000 and 710,000 tonnes in 2024. In the fourth quarter, production was 200,300 tonnes, also below expectations.
Although there had been higher production at its flagship Centinela Cathodes and Los Pelambres projects, that had been offset by lower grades at Centinela Concentrates.
However, the firm reiterated its guidance for 2025, for between 660,000 and 700,000 tonnes of copper, with an incremental gain in production at Centinela Concentrates.
It also forecast a reduction in net cash costs, to between $1.45 per pound and $1.65. That compares to $1.64 per pound in 2024.
Ivan Arriagada, chief executive, said: "Our key development projects at Los Pelambres and Centinela continue to advance according to their respective programmes, on time and on budget.
"Copper remains the key critical mineral for the energy transition, global economic growth and energy security, as it plays such a fundamental role in the generation, transmission and storage of electricity.
"As a pure play copper producer in Chile, we are well-positioned to supply this growing demand."
As at 0915 GMT, shares in Antofagasta were ahead 3% at 1749.5p.
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