Antofagasta copper and gold production increases in Q3

Mining giant Antofagasta said on Wednesday that copper and gold production had increased quarter-on-quarter in Q3, in line with expectations.

Antofagasta said copper production was up 1.5% on the previous quarter at 181.1kt, while gold production was 8.8% higher at 66.8kt. Molybdenum production, on the other hand, was down 7.1% at 2.6kt.

Compared to the second quarter, copper sales were up 11.6% at 182.3kt, while net cash costs increased 2.7% to $1.16 per pound.

Antofagasta added that copper production guidance for the full year of 710,000-740,000 tonnes was unchanged, while net cash costs were expected to be below the originally guided $1.25 per pound.

Chief executive Iván Arriagada said: "Our copper production and cost performance during the quarter was in line with our expectations despite external pressures such as the ongoing drought in Chile, the global supply chain challenges, the energy crisis and higher input costs.

"While we expect the extraordinary global supply chain events and energy crisis to ease over time, we remain focused on controlling costs while progressing our current and future growth projects."

As of 0910 BST, Antofagasta shares were down 4.44% at 1,410.50p.