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Antofagasta PLC on Wednesday reported an increase in second quarter copper output and left its annual outlook unchanged, amid a productive period at its Los Pelambres and Centinela sites. The London-based miner said copper production in the second quarter of the year rose 3.5% on-quarter to 160,100 tonnes from 154,700. The outcome reflects stronger output from Centinela and Los Pelambres, both located in Chile, which was partly offset by lower output from the company’s cathode operations. Copper sales fell 9.6% to 153,800 tonnes from 170,200 in the previous quarter. For the whole of the first half of 2025, copper output was 11% higher at 314,900 tonnes from 284,700 a year ago. Copper sales were up 17% at 324,000 from 277,200. Gold output rose 13% to 48,300 ounces in the three months to the end of June from 42,900 in the first quarter. For the full year so far, gold output was up 36% at 91,200 compared to 66,900 in the first half of 2024. Antofagasta said it still expects copper output for the year between 660,000 and 700,000 tonnes. The net cash costs guidance was also left unchanged in the $1.45 to $1.65 per pound range. Net cash costs in the second quarter fell 27% to $1.12 from $1.54, and was down 32% in the first half to $1.32 from $1.94 a year ago. Molybdenum production in the second quarter climbed 42% to 4,400 tonnes from 3,100 tonnes, due to higher output at Los Pelambres. ‘Our pipeline of copper growth and development projects at both Centinela and Los Pelambres continues to advance on time and on budget, with recent market movements in by-product pricing strengthening the investment case for these projects,’ said Chief Executive Officer Ivan Arriagada. Arriagada noted that the Zaldivar site has secured approval for its environmental impact assessment, which allows it to extend its mine life to 2051. ‘Our conviction in copper as the metal of the future remains, with a positive outlook for copper over the medium-term. We see continuing demand support in the form of rising uses from key strategic sectors, driven by accelerating structural trends, such as energy security and modern technologies needed for decarbonisation, AI and infrastructure, with a supply-side that is becoming increasingly constrained,’ Arriagada concluded. Shares in Antofagasta were up 2.0% at 1,875.50 pence in London on Wednesday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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