Antofagasta copper output down 2.8% in H1, 2021 guidance unchanged

21st July 2021 By: Reuters

LONDON - Chilean miner Antofagasta said on Wednesday copper production in the first half of 2021 fell 2.8% to 361 500 t from the same year-ago period, due to lower recoveries and grades at some operations.

In the second quarter, copper output stood at 178 400 t, down from 183 000 t in the previous quarter, it said.

The London-listed miner left its full-year guidance unchanged at 730 000 t to 760 000 t of copper at a net cash cost of $1.25 per pound and capital expenditure of $1.6-billion, but warned that this could be affected by the lack of rainfall, which is making 2021 the driest year in 12.

"Strict water management protocols are in place and various options are being evaluated to mitigate the risk of the impact of the reduced rainfall, in case this situation continues," it said in its quarterly production results.

Antofagasta's net cash costs stood at $1.14/lb in the first half, compared to $1.12/lb in the first half of 2020, it said.