Antofagasta FY year copper production falls 0.7%

Chile focused miner Antofagasta on Wednesday said full year copper production fell 0.7% to 704,300 tonnes, in line with guidance.

The fall was due to the impact of expected lower grades at Los Pelambres and Centinela, which was offset by Encuentro Oxides coming into production in October and following the completion of the ramp-up at Antucoya in 2016.

Full year gold production fell 21.6% was 212,400 ounces, reflecting lower grades and recoveries at Centinela.

Copper production for 2018 was forecast to be 1.5% higher at 705,000-740,000 tonnes, with production weighted towards the second half. Full year gold production was expected to fall between 1%-11% to 90,000-210,000 ounces, as grades decline at Centinela Concentrates.