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Antofagasta ups copper and gold production in Chile in 9M 2021

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(Kitco News) - Chile-focused copper mining company Antofagasta (ANTO:LSE) reported today that the group's copper production for the first nine months of the year (9M 2021) was 542,600 tonnes, 0.2% higher than in the same period last year mainly on expected higher grades at Centinela Concentrates.

The company's gold production in 9M 2021 rose by 25.4% to 187,300 ounces as a result of higher grades at Centinela. In 9M 2021, its molybdenum production was 8,400 tonnes, 500 tonnes lower than in the same period last year.

Importantly, the company said that its copper production guidance for the full year 2021 of 710-740,000 tonnes is unchanged from the update provided in August, while net cash costs are expected to be below the originally guided $1.25/lb.

CEO Iván Arriagada said, "Year-to-date production and net cash costs were very similar to last year at 542,600 tonnes at $1.15/lb and we remain on track to deliver on our previously stated production guidance of 710-740,000 tonnes for the full year and, despite input cost pressures, our net cash costs are now expected to be lower than our original guidance of $1.25/lb."

"The construction of the desalination plant at Los Pelambres is on track for completion in H2 2022 and we now anticipate group production in 2022 to be between 660,000 and 690,000 tonnes reflecting the previously advised production tonnes at risk at Los Pelambres due to the weather, and lower grades at Centinela Concentrates," he added.

Antofagasta's four operations in Chile are Los Pelambres, Centinela, Antucoya and Zaldívar. The world-class Los Pelambres and Centinela mining districts have sustainable long-life copper mining operations, with large mineral resources, and produce significant volumes of gold, silver and molybdenum as by-products. All of the company's mines are open pit operations.

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