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Antofagasta maintains FY guidance

26 April 2017 07:25

Antofagasta's copper production increased to 171,900 tonnes in the first quarter - 9.4% up on a year ago - driven by higher output at Centinela, and Antucoya operating at full production.

Compared with the previous quarter, copper production fell by 16.4% due to expected lower grades at Los Pelambres and Centinela concentrates.

Gold production was 53,300 ounces in Q1 2017, 6.0% lower than in Q1 2016 and 41.5% lower than in the previous quarter as grades declined at Centinela.

Molybdenum production at Los Pelambres increased by 29.4% compared to the same period in 2016 as grades increased and by 10.0% compared with the previous quarter as recoveries improved.

Chief executive Ivan Arriagada said: "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.

"Cash costs before by-product credits were 8% lower compared with the same quarter last year as we continue to progress our cost improvement measures.

"We reassert our guidance for the year of 685-720,000 tonnes of copper at a cash cost before by-product credits of $1.55/lb and a net cash cost of $1.30/lb."

Story provided by StockMarketWire.com

Related Company: ANTO

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