25th Jul 2018 08:17
LONDON (Alliance News) - Antofagasta PLC on Wednesday retained its annual copper production guidance despite posting a 8.5% drop in first half-production due to lower mined grade.
For the first half, the Chilean miner reported copper production of 317,000 tonnes, down from 346,300 tonnes in the comparative year ago period. Second-quarter copper production rose 6.1% to 163,200 tonnes compared to the first quarter due to increased sulphide grades and higher throughput at all operations, despite being impacted by the pipeline blockage at the Los Pelambres mine.
Gold production for the first six months decreased by 36% to 72,000 ounces due to lower grades at Centinela operations. Second quarter production increased by 23% to 39,700 ounces compared to the first quarter.
Molybdenum production for the half-year was 31% higher at 5,900 tonnes due to higher grades and recoveries. Second-quarter production fell 9.7% to 2,800 tonnes.
Antofagasta has maintained its full-year copper production guidance range at 705,000 to 740,000 tonnes and net cash cost guidance at USD1.35 per ounce. First-half net cash costs rose 23% to 1.52/lb.
The stock was trading 1.5% lower at 960.00 pence each on Wednesday in London.
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