Antofagasta 3Q Production Rises 3% on Quarter; Cuts 2017 Cost Guidance
October 25 2017 - 03:14AM
Dow Jones News
By Adam Clark
Antofagasta PLC (ANTO.LN) said Wednesday that its third-quarter
production increased by 3% on the previous quarter, and cut its
cash-cost expectation for the full year.
The Chile-focused miner said its copper production in the
quarter came to 180,200 metric tons, up 3.3% from the previous
quarter. Copper production for the first nine months of 2017 was
526,500 tons, up 4.5% on the year before.
Antofagasta maintained its 2017 guidance for total production of
685,000 tons to 720,000 tons of copper, and said that it expects
this to increase to between 705,000 tons and 740,000 tons in
2018.
Meanwhile, gold production came to 59,600 ounces in the third
quarter, up 1.2% from the prior quarter. However, nine-month gold
production is down 4.4% at 171,800 ounces.
Molybdenum production for the quarter came to 2,700 tons, a rise
of 13% from the prior quarter. Nine-month production rose 39% to
7,200 tons.
Antofagasta also said it now expects its full-year net cash
costs to be below its original guidance of $1.30 a pound.
Third-quarter net cash costs came to $1.18 a pound, a rise of 1.7%
from the previous quarter due to increased byproduct volumes and
realized prices, Antofagasta said. Nine-month net cash costs stood
at $1.22 a pound, an improvement of 0.8% on the previous year, the
company said.
Before byproduct credits, cash costs for the third quarter were
$1.56 a pound, 1.3% higher than the prior quarter. Nine-month cash
costs before byproduct credits were $1.56 a pound, improved by 1.3%
from the previous year, Antofagasta added.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
October 25, 2017 02:59 ET (06:59 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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