|
Antofagasta PLC on Wednesday reported a decline in the production and sales of copper in the first half of 2024, but expects full-year production to beat 2023. The Chile-focused miner said copper production fell 3.7% to 284,700 in the six months ended June 30 from 295,500 a year prior. Copper sales declined 6.2% to 277,200 tonnes from 295,400. The company however highlighted that copper production jumped 20% to 155,300 tonnes in the second quarter of 2024 from 129,400 in the first quarter. It was 3.8% higher than 149,600 tonnes a year prior. Copper sales were up 40% to 161,500 in the second quarter from 115,700 in the first, and 10% higher than 146,400 tonnes a year ago. ‘Los Pelambres achieved higher ore processing volumes in the second quarter following the recently completed phase 1 expansion project, and for the second half of the year, production is also expected to include drawdowns from Los Pelambres’ concentrate inventories that accumulated in February 2024,’ Antofagasta said. Molybdenum output in the year to date rose 6.1% on-year to 5,200 tonnes from 4,900 tonnes. In the second quarter, it was down 7.4% at 2,500 tonnes from 2,700 tonnes in the first quarter, but 4.2% higher than 2,400 tonnes of molybdenum produced in the second quarter of 2023. Antofagasta expects full year copper production in the lower end of its guidance range of 670,000 to 710,000 tonnes, at least 1.4% higher than 660,600 tonnes produced in 2023. This reflected ‘lower recoveries that were impacted by elevated levels of clay and fines in ores processed’ at Centinela in the second quarter. Chief Executive Officer Ivan Arriagada said: ‘At Centinela, construction work is progressing ahead of schedule at the second concentrator project. At Los Pelambres, the phase 1 expansion project has successfully ramped-up to nameplate capacity, with work now underway to double the capacity of the desalination plant to 800 litres per second and to construct the new concentrate pipeline. Taken together, these investments will add both growth and long-term security to the future of our portfolio at a time when there is strong and widespread recognition of copper’s fundamental role in the energy transition.’ Antofagasta shares were down 4.3% to 2,035.56 pence each on Wednesday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
