Antofagasta Plc (ANTO.L, ANFGY.PK) Wednesday reported a 12.8 percent increase in copper production for the first quarter, mainly due to higher plant throughput at Esperanza mine. The Chile-based copper miner said it remains on track to meet its earlier announced production forecast of about 700,000 tonnes of copper, 260,000 ounces of gold and 8,000 tonnes of molybdenum, for full-year 2013.
The group's copper production in the quarter totaled 183,800 tonnes, compared with 162,900 tonnes in the same quarter last year.
Meanwhile, copper production declined 5.2 percent from the sequential fourth quarter, mainly due to expected lower production at Los Pelambres as a result of major scheduled plant maintenance, the company said.
The LME copper price averaged 359.8 cents per pound in the recent first quarter, compared with 376.9 cents per pound in the first quarter of 2012.
Gold production was 86,200 ounces, up from 63,500 ounces produced in the year-ago quarter, but marginally below the 86,400 ounces produced in the previous quarter.
Production of molybdenum declined to 2,600 tonnes from 3,100 tonnes in the year-ago quarter.
Group cash costs, net of by-product credits, in the first quarter were 115.5 cents per pound, up from 98.1 cents per pound in the prior year.
ANTO.L is currently trading at 918 pence, up 20.5 pence or 2.28 percent, on a volume of 402,985 shares on the LSE.
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