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Antofagasta PLC on Wednesday said copper production fell in 2022 but was in line with guidance, citing a temporary reduction in throughput due to a drought in Chile during the first half of the year.
Copper production was 646,200 tonnes, down 10% from 721,500 in 2021. In the fourth quarter, copper production increased by 7.6% to 195,700 tonnes from 181,900 tonnes in the third quarter.
Molybdenum production grew by 500 tonnes quarter-on-quarter to 3,100 in the fourth quarter, though it fell by 7.6% to 9,700 tonnes in the full year from 10,500 in 2021.
During all of 2022, gold production decreased by 30% to 176,800 ounces from 252,200 ounces. It rose by 20% to 56,100 ounces in the fourth quarter from 46,900 in the third.
Cash costs before by-product credits increased by 22% in 2022 to $2.19 per pound. In the fourth quarter alone, however, they fell by 12 US cents compared to the third quarter, to $2.00 per pound. Meanwhile, net cash costs increased by 34% in 2022 to $1.61 per pound, with the company expecting this to increase further to $1.65 in 2023.
For 2023, Antofagasta anticipates production of 670,000 to 710,000 tonnes of copper, up from 2022 but still down from 2021’s output.
Antofagasta shares were 2.6% higher at 1,787.00 pence each in London on Wednesday morning.
By Tom Budszus, Alliance News reporter
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