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Highlights:
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Increased Copper Production: Antofagasta PLC reported a 15% rise in third-quarter copper production, indicating strong operational performance.
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Gold Production Surge: The company experienced a notable 54% increase in gold production, aided by improved grades at its Centinela Concentrates.
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Cost Efficiency Achievements: The cash costs associated with copper production decreased by 11%, reaching US$2.33 per pound, showcasing effective cost management.
Antofagasta PLC (LSE:ANTO) has reported a significant increase in copper production for the third quarter, achieving a 15% rise compared to the previous quarter. This improvement is attributed to the destocking of inventories at the Los Pelambres mine, along with enhanced copper grades and recovery rates at Centinela Concentrates. The Chile-based mining group remains confident in meeting its production and cost targets for the year, maintaining its guidance for copper output at 670,000 to 710,000 tonnes, with an anticipated cash cost of US$2.40 per pound.
In addition to copper, Antofagasta saw a remarkable 54% surge in gold production during the quarter. This increase is primarily driven by recovering grades at the Centinela site, further bolstering the company’s overall output and revenue potential. The Los Pelambres mine also demonstrated improved performance, contributing to the overall growth in production.
Chief Executive Iván Arriagada noted that ongoing construction activities across the company's growth and development projects progressed as planned. Work at both Los Pelambres and Centinela is focused on initial groundworks and the mobilization of personnel and equipment to optimize operations.
Looking to the future, Antofagasta anticipates producing between 660,000 and 700,000 tonnes of copper in 2025, with a gradual increase in output projected at Centinela Concentrates. This forward-looking statement reflects the company’s commitment to enhancing production capabilities and continuing its trajectory of growth in the mining sector. The improved grades and recovery rates across its operations signal a positive outlook for the company as it strives to maintain operational efficiency while meeting market demand.
