Antofagasta Says 4Q Copper Production Fell 1.3% on Quarter

By FeaturesDow Jones Newswires

Antofagasta PLC (ANTO.LN) said on Wednesday that copper production in the fourth quarter of 2017 fell 1.3% quarter on quarter, while gold production fell 32%, citing lower grades and recoveries at its Centinela mine in Chile.

The mining company said that it produced 177,800 tons of copper in the quarter and 40,500 ounces of gold.

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Copper production for the year was 704,500 tons, in line with guidance and 0.7% lower than in 2016.

Net cash costs rose 15.3% compared with the third quarter of 2017 to $1.36 per pound, reflecting higher cash costs before by-products credits and the lower gold grade at Centinela, Antofagasta said.

Antofagasta also said that production of strategic metal molybdenum, often used to make metal alloys, was 3,300 tons in the fourth quarter, and 10,500 tons for the whole year, an increase of 48% on 2016 levels.

The Chile-based mining company said gold production in 2018 is expected to be in the range of 190,000-210,000 ounces, while copper production is expected to be in the range of 705,000-740,000 tons, as previously announced.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

January 24, 2018 02:41 ET (07:41 GMT)

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