LONDON (dpa-AFX) - Antofagasta Plc (ANFGY.PK, ANTO.L) reported Wednesday that its second-quarter group copper production was 129,800 tonnes, down 6.5 percent from the previous first quarter.
Gold production for the quarter decreased 7.8 percent sequentially to 35,400 ounces mainly due to the concentrate pipeline incident.
Molybdenum production was 2,000 tonnes, the same as the previous quarter.
In the first half, the company produced 268,600 tonnes of copper, 25.7 percent lower than in the same period last year. The decline was mainly due to the expected temporary reduction in throughput at Los Pelambres as a result of the drought and the concentrate pipeline incident, and expected lower grades at Centinela Concentrates.
Gold production decreased 38.8 percent to 73,800 ounces mainly due to expected lower grades at Centinela.
Cash costs before by-product credits for the first half were $2.37/lb, 37 percent higher than in the same period last year mainly due to the temporary decrease in production and higher input prices, particularly for diesel and sulphuric acid.
Antofagasta CEO, Iván Arriagada said, 'Looking to the second half of the year, we expect production to increase quarter-on-quarter as throughput recovers at Los Pelambres with increased water availability, grades improve at Centinela Concentrates and as the copper in concentrates, stockpiled at Los Pelambres' concentrator plant, is moved to the port.'
Looking ahead, full year 2022 copper production guidance is revised downwards to 640-660,000 tonnes. The revision mainly reflects the impact of the pipeline incident and the continued uncertainty arising from the water shortage at Los Pelambres.
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