Antofagasta Release Quarterly Production Report

Chilean copper miner Antofagasta (LSE:ANTO) has released its Q2 production report, with CEO Iván Arriagada saying that performance in copper production and controlling costs has been succesful over the quarter.

“As anticipated and previously guided, copper production during this second quarter was higher than in the first quarter while net cash costs were lower.” said Arriagada.

“Second quarter copper production was 163,200 tonnes and we expect it to continue increasing quarter-on-quarter during the remainder of the year and into 2019 as grades improve, and as 9,200 tonnes of copper in concentrates, stockpiled at the Los Pelambres plant on account of the pipeline blockage in April, is moved to the port.

“We continue our disciplined approach to costs, but we have seen higher input prices and the impact of a stronger Chilean peso coupled with lower grades during the first half of the year. However, with grades and by-product volumes expected to increase in the second half, we expect a reduction in net cash costs.

“We maintain our production guidance for the full year at 705-740,000 tonnes and the net cash cost guidance for the year is also unchanged at US$1.35/lb.”

Click here to read the full Antofagasta (LSE:ANTO) press release.