LONDON (dpa-AFX) - Miner Antofagasta Plc (ANFGY.PK, ANTO.L) reported Wednesday that its first-quarter copper production was 194,000 tonnes, an increase of 2.9 percent from last year, and up 4.6 percent sequentially.
Gold production increased 4.7 percent from last year to 65,100 ounces, mainly due to higher grades at Centinela. Meanwhile, Molybdenum production declined by 1,100 tonnes to 2,400 tonnes, due to lower grades at Los Pelambres.
Cash costs before by-product credits in the quarter decreased 11.2 percent from the prior year to $1.51/lb.
The company noted that it is currently operating with about two-thirds of workforce on-site in line with preventative health measures, amid Covid-19. However, this has so far had a limited impact on production.
Looking ahead, the company now expects copper production to be towards the lower end of the original 725-755,000 tonnes guidance range, assuming mining operations are not required to shut down temporarily.
Capital expenditure for the year is now expected to be less than $1.3 billion, that is at least $200 million lower than original guidance due to the temporary suspension of the Los Pelambres Expansion project.
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