Chilean copper miner Antofagasta PLC (LSE:ANTO) has weighed in with a 40% increase in output in the third quarter, yet warned that it would only scrape in at the lower end of production guidance for the year.
The FTSE 100-listed firm's shares opened 1.7% lower.
In the first nine months of 2022, the group unearthed 450,600 tonnes of the red metal at a cash cost of US$1.76 per pound. For the three months ended September 30, 2022, the figure was 181,900 tonnes.
The significantly improved Q3 result was due to greater water availability at the Los Pelambres operation, increasing throughput and the movement of the concentrates that were temporarily stockpiled in June.
On the back of the latest numbers, Antofagasta said it was sticking with full-year guidance of 640-660,000 tonnes, but admitted that output was likely going to be at the lower end of that tight range.
The company previously stated that a delay to the desalination plant serving Los Pelambres will hit 2023 production to the tune of 30,000 tonnes. Copper output next year is seen in the region of 670-710,000 tonnes.