Antofagasta Downgrades Guidance After Los Pelambres Pipeline Incident
20 July 2022 - 04:52PM
Dow Jones News
By Jaime Llinares Taboada
Antofagasta PLC on Wednesday downgraded 2022 production and cost
guidance after an issue at its Los Pelambres project caused copper
output to fall 6.5% in the second quarter.
The Chilean copper miner cut full-year production to
640,000-660,000 metric tons, down from its latest guidance of the
bottom end of the 660,000-690,000 tons range--revised weeks after
the issue at Los Pelambres was identified.
On May 31, Antofagasta detected a leak in the underground
pipeline that transports concentrate from its Los Pelambres
concentrator plant to the port.
In addition, the company on Wednesday raised 2022 net cash cost
guidance to $1.65 a pound from $1.55, reflecting inflation in
diesel and other input prices.
For the second quarter, the group reported copper production of
129,800 tons, down from 138,800 tons in the first quarter. Net cash
costs a pound jumped to $1.90 from $1.75 in the period.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
July 20, 2022 02:37 ET (06:37 GMT)
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