Antofagasta PLC (LON:ANTO) has reported a 3% increase in quarterly copper production, thanks to a better performance at its Los Pelambres mine and the Chilean copper miner said cash costs for the year will be lower than previous estimates.
In a third quarter production report, the FTSE 100-listed firm’s CEO, Iván Arriagada said: "We have had a further quarter of improved production with tonnages increasing by 3% compared to the previous quarter and by 4.5% on a year to date basis.”
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The CEO added: “Unit costs have kept flat, despite increased cost pressures, with higher production at Centinela and Antucoya, and our continued focus on improving efficiencies. With these savings achieved to date we now expect our net cash costs to be below our original guidance for the full year of $1.30/lb.”
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He concluded: "In 2018 we plan to increase production to 705-740,000 tonnes of copper as Encuentro Oxides ramps-up to full production."