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Antofagasta PLC on Thursday reported less quarterly production of copper, gold and molybdenum.
Copper production fell by 24% to 138,800 tonnes in the first quarter of 2022 from 183,000 tonnes a year ago. It was down by 22% from the fourth quarter of 2021.
Gold production was down 35% at 38,400 ounces from 59,100 ounces a year ago. It was down 41% from the fourth quarter. Molybdenum production fell by 33% to 2,000 tonnes from 3,000 tonnes in 2021's first quarter. It was down just 100 tonnes from the fourth quarter.
Net cash cost stood at $1.75 per pound of copper produced, up from $1.16.
The company's production was impacted by an ongoing drought at the Los Pelambres mine, the London-based company added. The mine is about 200 miles north of Chile's capital Santiago.
The production was in line with annual guidance, the Chilean miner said. ‘Copper production is expected to increase quarter-on-quarter during the year,’ Chief Executive Officer Ivan Arriagada said.
Full-year guidance for 2022 is 660,000 to 690,000 tonnes of copper at a net cash cost of $1.55 per pound of copper produced.
For all of 2022, Antofagasta expects a total capital expenditure of $1.9 billion, which is ‘at the top end of the previously guided range of $1.7 billion to $1.9 billion,’ the firm said.
Antofagasta shares were 7.8% lower at 1,508.00 pence each in London on Thursday morning.
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