Antofagasta unveils production results for fourth quarter

Mining company Antofagasta on Wednesday posted strong production results for the fourth quarter of last year.

Mining company Antofagasta on Wednesday posted strong production results for the fourth quarter of last year.

The FTSE 100 organisation said group copper output increased 7.8% to 193,800 tonnes quarter-on-quarter, driven by production at Los Pelambres and Esperanza.

Los Pelambres produced 107,700 tonnes of payable copper during the quarter, compared with 98,800 tonnes in the previous quarter. Molybdenum production at the mine was 12,200 tonnes in 2012 compared with 9,900 tonnes in 2011.

Esperanza put out 49,400 tonnes of payable copper in the fourth quarter compared with 45,600 tonnes in quarter before.

The company's gold production was at 299,900 ounces in 2012 compared with 196,800 ounces in the 2011 full year, reflecting higher throughput at Esperanza.

Group cash costs during the fourth quarter were 113.5 cents per pound, up from 99.3 cents per pound in the comparative period. This was due in part to higher on-site and shipping costs at Esperanza which were in line with previously announced forecasts.

The Antucoya project was temporarily suspended to allow Minera Antucoya to conduct a full review given existing and potential levels of cost escalation.

"Group production in 2013 is expected to be approximately 700,000 tonnes of copper, 260,000 ounces of gold and 8,000 tonnes of molybdenum," the company said in a statement.

"Group cash costs in 2013 are expected to be approximately 140 cents per pound [net of by-product credits] and 185 cents per pound before by-product credits, reflecting higher on-site costs at Esperanza and Los Pelambres."

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
Central banks want politicians to take charge – but what will they do?
US Economy

Central banks want politicians to take charge – but what will they do?

The US Federal Reserve has come to the end of the road in terms of what it can do to accelerate any recovery, says John Stepek. It's over to the polit…
17 Sep 2020