 | Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here! |
(Kitco News) - Chile-focused miner Antofagasta (LSE: ANTO), one of the world's senior copper producers, announced today that its H1 2023 copper output of 295,500 tonnes was 10.0% higher year-on-year (H1 2022: 268,600 tonnes), principally reflecting a 23.9% increase in throughput rates at Los Pelambres.
The company's gold production was 86,200 ounces in H1 2023, 16.8% higher than in the same period in 2022 primarily due to higher grades and recoveries at Centinela.
Molybdenum production was 4,900 tonnes in H1 2023, 22.5% higher than in the same period last year (H1 2022: 4,000 tonnes) mainly due to higher throughput at Los Pelambres.
Antofagasta added that cash costs before by-product credits in H1 2023 were $2.48/lb, a year-on-year increase of 4.6% due to higher input costs, in addition to the appreciation of the Chilean peso.
Net cash costs were $1.75/lb for the first half of the year, compared to $1.82/lb in the first half of 2022, reflecting the slight increase in cash costs before by-product credits more than offset by higher by-product credits.
Importantly, the company said that the delay to the completion of the desalination plant and concentrator expansion at Los Pelambres, and the reduced availability of water in H1 2023, has impacted expected copper production for the full year.
"Guidance is therefore updated to 640-670,000 tonnes (previously 670-710,000 tonnes), with output increasing quarter-on-quarter in H2 2023," it added.
"The desalination plant at Los Pelambres is now producing desalinated water, with commissioning work ongoing. Certain critical construction activities were rescheduled during the quarter, primarily as a result of sea swells that extended the execution of the final phase of marine works, and these are now substantially completed. At the Los Pelambres concentrator expansion, construction work has required additional time and full commissioning is expected to commence in early Q3," the company said in a press release.
Antofagasta operates four mines in Chile: Los Pelambres, Centinela, Antucoya and Zaldívar. All of the company's mines are open pit operations.
|
| Rio Tinto increases iron ore production 3% in second quarter, mined copper output down 1% |
