Antofagasta holds output guidance despite lower production

Metals miner Antofagasta held annual production guidance despite quarter-on-quarter falls in copper and gold output.

Copper production fell by 25.4% compared with the final three months of 2022 to 145,900 tonnes, in line with guidance, and 5.1% higher year on year.

The decrease was due to the expected temporary reduction in throughput at the Los Pelambres mine on lower water availability, and expected lower grades and scheduled maintenance at Centinela. Production is expected to increase through the rest of the year, the company said on Wednesday.

Gold production fell 24.8% quarter on quarter to 42,200, but 9.9% higher annually due mainly due the scheduled maintenance and expected lower grades at the company’s Centinela operation.

Group copper production for the full year is expected to be 670-710,000 tonnes, increasing through the year.

Reporting by Frank Prenesti for Sharecast.com