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Antofagasta PLC on Thursday reported increased copper production in the last three months of 2025, alongside reduced costs, and said its growth programme remains on track and on budget. The London-based company mines for copper in Chile. It said copper production rose 9.4% to 177,000 tonnes in the fourth quarter of 2025 from 161,800 tonnes in the prior quarter the third. For 2025 as a whole, copper production was 653,700 tonnes, down 2% year-on-year, principally representing a balance between increased output at Centinela Concentrates and a lower contribution from Centinela Cathodes and Los Pelambres. Copper sales increased 42% to 201,000 tonnes in the fourth quarter from 141,300 tonnes in the prior three months. Gold production rose 23% to 66,300 ounces in the fourth quarter from 53,900 oz in the third quarter, and molybdenum production grew 13% to 4,400 tonnes from 3,900 tonnes. In addition, the FTSE 100 listing said continued cash cost discipline and strong by-product revenues helped it to achieve a 27% reduction in full-year net cash costs to $1.19 per pound, a five-year low. ‘Our material growth programme remains on track and on budget. We continue to advance construction at Centinela and Los Pelambres, and in November we were able to demonstrate the significant progress made to date during a site visit to the Centinela second concentrator project,’ the firm observed. These projects will help to deliver both production growth and lower costs over the medium-term, Antofagasta said. They are advancing towards construction, completing in 2027 and adding 30% growth in copper volumes over time, it added. For 2026, copper production is expected to be 650,000 to 700,000 tonnes, growth of as much as 7.1%, which includes an incremental increase in output at Los Pelambres related to higher copper grades. Output of by-products is expected to be 215,000 to 235,000 ounces of gold and 12.5 to 14.0 tonnes of molybdenum. Net cash costs are expected to be maintained at the current ‘robust’ level. Chief Executive Ivan Arriagada said: ‘Copper’s outlook remains compelling - rising demand is being driven by energy security, electrification and increasing uptake of modern technologies, while supply growth remains constrained. We enter the new year with confidence.’ Shares in Antofagasta were up 6.2% to 3,938.00 pence each in London on Thursday morning, also supported by the latest rise in copper prices. The price of copper stood at $6.3116 per pound early morning in London, up around 6.6% from Wednesday’s close. It has risen 47% over the last 12 months. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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