Antofagasta reports broadly stable Q2 copper production

(Sharecast News) - Antofagasta reported broadly stable second-quarter copper production and maintained its full-year production, capital expenditure and net cash cost guidance on Wednesday, despite inflationary pressures across the mining sector. Copper output totalled 142,000 tonnes in the three months to 30 June, down 1% on the first quarter, while first-half production fell 9.5% year-on-year to 285,000 tonnes, with higher output expected over the remainder of the year as grades and throughput improve.

The FTSE 100 miner said first-half net cash costs fell 7.6% year-on-year to $1.22 per pound as stronger by-product credits more than offset higher underlying costs, although cash costs before by-product credits rose 22.8% to $2.85 per pound.

Chief executive Iván Arriagada said construction of the Centinela Second Concentrator and Los Pelambres growth projects remained on track for commissioning next year, while a $0.9bn investment in Zaldívar's long-term water supply would support a potential mine life extension to 2051.

At 0903 BST, Antofagasta shares were down 2.16% at 3,758.55p.

Reporting by Josh White for Sharecast.com.

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