(Kitco News) - Chile-focused mining company Antofagasta (LSE: ANTO), one of the world’s senior copper producers, announced today that its copper production in Q2 2022 was 129,800 tonnes, a decrease of 6.5% compared to Q1 2022.
According to the company’s statement, this decrease in copper output was mainly due to the previously announced concentrate pipeline incident at Los Pelambres which reduced reported production during the period by approximately 23,000 tonnes.
Importantly, the company said that operation of the pipeline resumed by the end of the period and 12,000 tonnes of copper in concentrates stockpiled at the concentrator plant will be moved to the port by October.
The company’s copper production in the first six months of the year was 268,600 tonnes, 25.7% lower than in the same period last year mainly due to the expected temporary reduction in throughput at Los Pelambres as a result of the drought and the concentrate pipeline incident, and expected lower grades at Centinela Concentrates.
Gold production for the quarter decreased by 7.8% to 35,400 ounces compared with Q1 mainly due to the concentrate pipeline incident, and for the first six months decreased by 38.8% to 73,800 ounces mainly due to expected lower grades at Centinela.
Molybdenum production was 2,000 tonnes, the same as the previous quarter. For the year to date, production was 4,000 tonnes, 31.0% lower than in the same period last year due to lower throughput and grades at Los Pelambres.
Antofagasta said that its full-year 2022 copper production guidance is revised downwards to 640–660,000 tonnes from 660-690,000 tonnes, adding that this revision mainly reflects the impact of the pipeline incident and the continued uncertainty arising from the water shortage at Los Pelambres.
The company also noted that looking to the second half of the year, it expects production to increase quarter-on-quarter as throughput recovers at Los Pelambres with increased water availability, grades improve at Centinela Concentrates and as the copper in concentrates, stockpiled at Los Pelambres’ concentrator plant, is moved to the port.
Antofagasta operates four mines in Chile: Los Pelambres, Centinela, Antucoya and Zaldívar. All of the company's mines are open pit operations.
|
| Centamin increases gold production in Egypt in second quarter, flags inflationary pressures |
