Antofagasta lowers 2023 copper guidance
Chile copper miner Antofagasta has lowered its 2023 copper production guidance, citing a delay to the completion of its desalination plant and concentrator expansion, as well as the reduced availability of water in the first half of the year.
The London-listed miner now forecasts copper output of between 640 000 t and 670 000 t for the year, down from the previously guided 670 000 t to 710 000 t.
Antofagasta also tweaked its cost guidance to $2.30/lb, from $2.20/lb before by-product credits.
Despite these challenges, Antofagasta reported a 10% year-on-year increase in copper production during the first half of the year, amounting to 295 500 t. This growth was primarily driven by a nearly 24% surge in throughput rates at its Los Pelambres operation.
During the second quarter, Antofagasta produced 149 600 t of copper at a cash cost of $2.47/lb, indicating a 2.5% rise from the previous quarter. Additionally, gold production in the same quarter increased by 4.3% to 44 000 oz, while molybdenum output decreased by 4% to 2 400 t.
On Tuesday, Rio Tinto also lowered its expectations for copper production, cutting its refined copper guidance by 10% to between 160 000 t and 190 000 t, citing a delay at its smelter rebuild at Kennecott, in Utah.
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