https://www.miningweekly.com

Antofagasta narrows 2018 guidance, targets higher output next year

24th October 2018

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

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.

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.22 0.257s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: