Antofagasta Reports FY Group Copper Production Of 721,500 Tonnes

Antofagasta plc (ANFGY.PK,ANTO.L), on Wednesday, reported group copper production of 721,500 tonnes for the full year, within the guidance range and 1.7% lower than last year mainly on expected higher grades at Centinela Concentrates, offset by expected lower grades and lower throughput at Los Pelambres.

Gold production for the year was 252,200 ounces, 23.6% higher than in 2020 on higher grades at Centinela. Quarterly production declined by 2.8% to 64,900 ounces on lower throughput at Los Pelambres.

For the fourth quarter, group copper production was 178,900 tonnes, 1.2% lower than in the prior quarter as lower water availability impacted throughput at Los Pelambres by 13.6%, mainly as a result of the previously advised drought.

Molybdenum production in the quarter was 2,100 tonnes, 500 tonnes lower than in the previous quarter on lower throughput at Los Pelambres. For the full year, production was 10,500 tonnes, 16.7% lower than in 2020 on lower grades at Los Pelambres and Centinela.

Antofagasta plc CEO, Iván Arriagada said, "Despite external pressures, such as the ongoing drought in Chile, higher input costs and global supply chain challenges, the Company has successfully achieved its production and cost guidance for the year with copper production at 721,500 tonnes and net cash costs of $1.20/lb."

Looking ahead, the company still expects group production in 2022 to be 660-690,000 tonnes of copper, 170-190,000 ounces of gold and 8,500-10,000 tonnes of molybdenum. The copper and gold production reflect lower expected grades at Centinela Concentrates and the temporarily reduced throughput at Los Pelambres because of the continued drought. Copper production is expected to increase quarter on quarter throughout the year.

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