Antofagasta narrows 2018 guidance, targets higher output next year
Copper miner Antofagasta has taken 15-million tonnes off the top-end of its production guidance for the year, but maintained its positive outlook for 2019 despite trade tensions clouding the market outlook.
The London-listed miner narrowed its copper production guidance to between 705 000 t and 725 000 t, from its previous guidance of 705 000 t to 740 000 t. The plan is to increase output to between 750 000 t and 790 000 t next year.
“The physical copper market continues to look tight and the outlook for next year remains positive despite ongoing fears about disruptions to global trade,” CEO Ivan Arriagada said in the company’s third-quarter results announcement.
Antofagasta produced 505 000 t in the first nine months of the year – down 4% on the same period last year. Production picked up in the third quarter, increasing by 15% quarter-on-quarter to 188 300 t, setting the stage for a “particularly strong” fourth quarter.
The group, which also mines gold and molybdenum, reduced its cash costs by 15% to $1.27/lb and maintained its guidance for the year at $1.35/lb.
Gold production during the quarter increased by 21.2% quarter-on-quarter to 48 100 oz, but for the first nine months decreased by 30% to 120 100 oz, owing to lower grades at Centinela.
Molybdenum production jumped 57.1% on the second quarter to 4 400 t.
Antofagasta also stated that its capital expenditure for the year would be less than the $1-billion previously guided.
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