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Antofagasta sees output at lower end of guidance range
StockMarketWire.com
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Chile-focused copper miner Antofagasta said its annual production would come in at the lower end of its guidance range, while estimating that Covid-19 restrictions at its operations would continue through 2021.
The company also reported a fall in third-quarter output, citing major maintenance work.
Output for 2020 was seen at the lower end of the original 725,000-to-755,000 tonnes guidance range, though net cash costs were expected to be below the originally guided $1.20 per pound.
Looking ahead to 2021, Antofagasta expected production to be in the range of 730-to-760,000 tonnes of copper, as grades increased.
Copper production fell 4.6% to 169,600 tonnes in the third quarter from the second, on lower production at Los Pelambres, due to 'major maintenance work during the period, and expected lower grades at Antucoya'.
'Our copper production and cost control performance during the quarter were in line with expectations. For the year to date production was 541,300 tonnes at a net cash cost of $1.14/lb,' the company said.
Gold production fell 16.7 to 38,300 ounces for the quarter.
The revised cost and schedule estimates of the pandemic impact on progress on the Los Pelambres Expansion project, which was 39% complete, would be included in the fourth quarter production report in January 2021, Antofagasta said.
At 8:02am: (LON:ANTO) Antofagasta PLC share price was +20.25p at 1066.75p
Story provided by StockMarketWire.com
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