Antofagasta Announces Significant Production Increase in Q3 2023

Antofagasta Announces Significant Production Increase in Q3 2023

Antofagasta revealed a substantial upsurge in its copper output for the third quarter of 2023, with a 16% increase to 173,600 tonnes, a considerable leap from the previous quarter’s 149,600 tonnes. This enhancement was predominantly due to escalated outputs at the Los Pelambres and Centinela mines.

Notable Growth Across Various Metals

During the same period, the company saw gold production surge by 30% to 57,400 ounces. There was also a notable increase in molybdenum output, which jumped by 33.3% to 3,200 tonnes compared to the previous quarter.

Optimistic Future Projections

Maintaining their previous commitments, Antofagasta expects the full-year copper production to range between 640,000 tonnes and 670,000 tonnes. Moreover, with the ongoing Phase 1 expansion at Los Pelambres, the company forecasts the 2024 copper production to be within 670,000 tonnes and 710,000 tonnes.

Iván Arriagada, the CEO of Antofagasta, expressed satisfaction with the company’s performance, highlighting a 16% boost in copper production during this quarter. This improvement is largely attributed to the increased water availability from a newly built desalination plant, positively impacting operations at Los Pelambres.

Performance Highlights of 2023

  • A consistent increase in metal production was observed in the first nine months of 2023, with copper, gold, and molybdenum production rising by 4%, 19%, and 23%, respectively.
  • The company effectively reduced its net cash costs by 6%, bringing it down to $1.65/lb.
  • The production targets and cost guidance for the full year remain consistent with previous forecasts.

The operational advancements at both Los Pelambres and Centinela significantly contributed to the copper production in the first nine months of 2023, amounting to 469,100 tonnes, a 4.1% increase from the same timeframe in 2022.

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