LONDON (dpa-AFX) - Mining company Antofagasta PLC (ANFGY.PK, ANTO.L) Wednesday reported that its second-quarter copper production was 155,300 tonnes, 20 percent higher than the preceding first quarter. The sequential increase primarily was driven by Los Pelambres following the extended concentrate pipeline maintenance and cleaning activities that was required in February.
The increase was, however, offset by lower grades and recoveries at Centinela's concentrator related to elevated levels of clay and fines in ores processed.
Copper sales grew 39.6 percent sequentially to 161.5 thousand tonnes.
Gold production was 33,600 ounces, up 1 percent sequentially. Molybdenum production meanwhile, fell 7 percent from the first quarter to 2,500 tonnes, connected to lower molybdenum grades at Los Pelambres.
In the first half, copper production fell 4 percent from last year to 284,700 tonnes, and gold production decreased 22 percent to 66,900 ounces, reflecting lower gold grades at Centinela.
Year-to-date molybdenum production was 5,200 tonnes, 6 percent higher than last year due to higher ore processing rates at Los Pelambres.
Looking ahead for fiscal 2024, total production is now expected to be in the lower end of the Company's 670-710,000 tonne guidance range.
Following projected production for the full year, cash cost guidance, both before and after by-product credits, is now expected to be $2.40/lb and $1.70/lb, respectively.
Capital expenditure guidance is unchanged at $2.7 billion.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News