LONDON (dpa-AFX) - Antofagasta plc (ANFGY.PK, ANTO.L) reported that Group copper production for the full year was 704,300 tonnes, in line with guidance and 0.7% lower than in 2016. The company said this was due to the impact of the 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. Gold production was 212,400 ounces, 21.6% lower than in 2016, again reflecting lower grades and recoveries at Centinela. Molybdenum production at Los Pelambres was 10,500 tonnes for the full year, 47.9% higher than in the previous year on higher grades.
Antofagasta plc CEO, Iván Arriagada said: 'Antofagasta had a strong year operationally. Copper production at 704,300 tonnes was in line with guidance and came in at a net cash cost of $1.25/lb. I am also pleased to report that the Group had zero facilities during 2017, a target we remain focused on as we continue to focus on safety across our operations.'
The Group said, as previously announced, copper production for 2018 is expected to be in the range of 705-740,000 tonnes, a 1-5% increase on 2017 with production weighted towards the second half of the year. Group gold production for 2018 is expected to be in the range of 190-210,000 ounces, a decrease of 1-11% on 2017, as grades decline at Centinela Concentrates. Molybdenum production is expected to be 11,500-12,500 tonnes, 9.5-19.0% higher than in 2017 as the molybdenum plant at Centinela comes into production early in 2018.
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