4th Nov 2019 12:27
(Alliance News) - Copper miner Antofagasta PLC said Monday all its mines in Chile were back in operation amid unrest in the country, but the FTSE 100-listed firm still cut its copper production guidance for 2019.
The unrest had affected primarily its Los Pelambres mine where the access road was blocked and there was some damage to ancillary infrastructure around the perimeter of the mine.
Consequently, full-year copper production is expected to be around 10,000 tonnes lower than previously expected.
In addition, labour negotiations at the Antucoya mine have been successfully concluded, Antofagasta said. This has resulted in the end of the strike which started on October 16, but not before 4,000 tonnes copper output was lost.
For 2019 as a whole, the London-based firm now expects production of between 750,000 and 770,000 tonnes. This is lower than the 750,000 to 790,000 tonnes forecast given previously.
In 2018, copper production was 725,300 tonnes.
Shares in Antofagasta were 0.7% higher at 896.60 pence in London on Monday.
By Ahren Lester; [email protected]
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