Antofagasta Copper Production Rises 9.4%
26 April 2017 - 4:54PM
Dow Jones News
By Razak Musah Baba
LONDON--Antofagasta PLC (ANTO.LN) on Wednesday reaffirmed its
2017 production outlook as it reported a 9.4% increase in first
quarter copper production compared with the year before.
The Chilean miner said that at the end of March, copper
production had risen to 171,900 metric tons from 157,100 metric
tons with higher production at Centinela, and Antucoya now
operating at full production. However, production dropped 16.4%
from the fourth quarter due to expected lower grades at Los
Pelambres and Centinela Concentrates.
"We have started the year with a continued focus on cost
efficiency and productivity improvements. Production is in line
with our expectations and is some 9% higher than in the same
quarter of last year. When compared with the last quarter of 2016
the lower production reflects the expected grade decline at Los
Pelambres and Centinela," Chief Executive Ivan Arriagada said.
Cash costs before by-product credits were 8% lower compared with
the same quarter last year as the company continues to progress its
cost improvement measures, Mr. Arriagada said.
"We reassert our guidance for the year of 685,000-720,000 tons
of copper at a cash cost before by-product credits of $1.55 per
pound-mass and a net cash cost of $1.30 per pound-mass," the CEO
said.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
April 26, 2017 02:39 ET (06:39 GMT)
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