Los Pelambres
LONDON - Antofagasta on Wednesday reported a 2% rise in 2023 copper production to 660 600 metric tons on higher output at its flagship project Los Pelambres due to improved water availability.
The Chilean miner expects to raise its capital expenditure to $2.7-billion in 2024 from $2-billion last year as it starts work on its Centinela concentrator.
The London-listed producer, which operates four copper mines in Chile, left its 2024 output outlook unchanged at between 670 000 t and 710 000 t, a range that fell short of analysts' estimates when it was first announced in October.
Copper is used in energy transition applications, including solar panels and electric cars.
Analysts have forecast a deficit from this year on signs that supply may not be as robust as previously thought after Panama ordered the closure of First Quantum's 350 000-ton mine and producers Anglo American and Vale Base Metals both lowered their guidance for 2024 and 2025.