Third-quarter copper output jumps at Antofagasta
By Abigail Townsend
Date: Wednesday 19 Oct 2022
(Sharecast News) - Antofagasta reported a surge in third-quarter copper production on Wednesday, after water availability improved at its flagship Los Pelambres operation in Chile.
Group copper production was 181,900 tonnes during the quarter, 40.1% higher than the previous three months, after production nearly doubled at Los Pelambres, which had been affected by drought.
For the first nine months of the year, group copper production was 450,600 tonnes, down 17% on the same period a year previously.
Ivan Arriagada, chief executive of the London-listed Chilean miner, said: "We remain on track to achieve the lower end of our full-year guidance of 640,000-660,000 tonnes." Antofagasta trimmed the range, from 660,000-690,000, in July, citing both uncertain water availability at Los Pelambres - the world's largest copper reserve - and rising input prices.
Gold production for the quarter was 46,900 ounces, up 32.5% on the second quarter, while year-to-date production was down 35.6% to 120,700 ounces, because of expected lower grades at its Centinela mine.
Shares in the blue chip slipped 1% to 1,097.5p as trading got underway on Wednesday.
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