By Alex MacDonald
LONDON--Antofagasta PLC (ANTO.LN) said Wednesday its copper
output increased in the second quarter from the first quarter, but
it lowered its full-year copper production forecast due to issues
in commissioning its Antucoya project.
The FTSE 100 miner reported a 7.2% rise in copper output to
157,000 tons in the second quarter compared with the first quarter
when water scarcity-related protests impeded production at its
flagship Los Pelambres mine and subsequent heavy rains affected
output from its Centinela mine.
"Whilst we have seen a positive recovery from these disruptions,
overall performance during the first half of the year has not been
as good as originally expected," said Chief Executive Diego
Hernandez.
Copper production in the first half fell 12.9% on the year to
303,400 tons mainly due to forecast lower grades at Los
Pelambres.
The company also said that first production at its Antucoya
project has been delayed until the end of the third quarter due to
issues with the commissioning of the crusher circuit.
As a result, the group reduced its full-year copper production
forecast to 665,000 tons. It also updated its net cash cost to
$1.47 a pound, reflecting lower gold and copper output and lower
by-product prices, particularly for molybdenum and gold.
Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires