Antofagasta plc (ANTO.L) reported a 25.5% rise in first-quarter 2012 Group copper production to 162,900 tonnes compared with last year, when Esperanza was commencing production. Nevertheless, there was a 12.9% sequential decrease in copper production, due mainly to planned maintenance and expected lower grades at Los Pelambres and lower throughput at Esperanza in February and March as a result of damage to the feed conveyor which has since been repaired.
In the quarter, Gold production was 63,500 ounces, versus 22,100 ounces in the 2011 first quarter, also reflecting the greater contribution from Esperanza.
Quarterly Molybdenum production at Los Pelambres was 3,100 tonnes, 19.2% higher than the previous quarter, as a result of an increase in the molybdenum grade, partially offset by the lower plant throughput.
Esperanza currently expects to remain within the 2012 full-year forecast range announced on 1 February of between 160,000 and 175,000 tonnes of copper production and between 240,000 and 260,000 ounces of gold production, albeit at the lower end of these ranges. Anticipated production levels at the other three mines remain in line with the earlier forecast.
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