Advertisement

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/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
Visit/investments/investment-strategy/600861/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
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
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
Visit/investments/stockmarkets/600634/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

Visit/investments/commodities/gold/601444/these-seven-charts-show-exactly-why-you-must-own-gold-today
Gold

These seven charts show exactly why you must own gold today

Covid-19 is accelerating many trends that were already in existence. The rising gold price is one such trend. These seven charts, says Dominic Frisby,…
3 Jun 2020
Visit/investments/stockmarkets/601460/disease-rioting-and-mass-unemployment-so-why-are-markets-soaring
Stockmarkets

Disease, rioting and mass unemployment – so why are markets soaring?

Despite some pretty strong headwinds in the last year, America’s S&P 500 stock index is close to all-time highs. John Stepek explains why markets seem…
4 Jun 2020
Visit/economy/eu-economy/601463/why-a-stronger-euro-is-good-news-for-investors
EU Economy

Why a stronger euro is good news for investors

The fragile state of the eurozone has for a long time brought the threat of deflation. But the ECB’s latest moves have dampened those fears. John Step…
5 Jun 2020