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Antofagasta 2019 Copper Production Up 6.2%; Backs 2020 Copper Production View

Miner Antofagasta Plc. (ANFGY.PK,ANTO.L) reported that its copper production for the full year 2019 was 770,000 tonnes, 6.2% higher than in 2018 on higher production at Los Pelambres, Centinela and Zaldívar.

Full year Gold production was 282,300 ounces, 34.4% higher than in 2018.

Group copper production for the fourth-quarter of 2019 was 185,500 tonnes, 5.8% lower than in the previous quarter due to planned lower grades and maintenance at Centinela Concentrates, the disruption of fuel deliveries to Los Pelambres due to social unrest in Chile and the strike at Antucoya.

Gold production was 55,600 ounces in the fourth-quarter 2019, a decrease on third-quarter of 2019 with lower grades at Centinela.

The company still expects group copper production for 2020 to be 725-755,000 tonnes, a 2-6% decrease on 2019. This lower production is due to grades at Centinela Concentrates falling to 0.54% for the year.

Group gold production for 2020 is expected to be in the range of 180-200,000 ounces, as grades decrease at Centinela Concentrates.

Molybdenum production is expected to be in the range of 12,500-14,000 tonnes, higher than in 2019 with higher grades at Centinela partially offset by lower production at Los Pelambres.

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