Antofagasta annual copper production rises 2%

Copper miner Antofagasta on Wednesday said annual production rose 2% to 660,600 sonnes, on higher output at its Los Pelambres operation in Chile, due to improved water availability from its desalination plant.

Fourth-quarter group production was 191,500 tonnes, 10% higher than the previous three months, primarily related to production increases at both Los Pelambres and the Centinela mine.

Production in 2024 is expected to increase to 670-710,000 tonnes of copper, in line with previous guidance. Antofagasta also expected capital expenditure of $2.7bn for 2024.

Reporting by Frank Prenesti for Sharecast.com