- Antofagasta backs full-year copper production forecast
- Copper output rose 16% in Q3
- Los Pelambres and Centinela mines contribute to the increase
- Expansion at Los Pelambres and improved water availability boost production
- Net cash costs improved due to rising output and higher by-product credits
- Demand for copper weakened in some regions, but remains resilient in China
- Global copper prices expected to rise in Q1 2022
- Gold and molybdenum production also increased
- Antofagasta maintains full-year estimates for copper production, cash cost, and capital expenditure
- Long-term fundamentals for copper remain strong
Antofagasta has confirmed its full-year copper production forecast after reporting a 16% increase in output during the third quarter. The rise in production was driven by improved operations at the Los Pelambres and Centinela mines, with expansion at Los Pelambres and better water availability contributing to the boost. Net cash costs also improved due to higher output and increased by-product credits. While demand for copper has weakened in some regions, it remains resilient in China. Analysts expect global copper prices to rise in the first quarter of next year. In addition to the increase in copper production, Antofagasta also saw a significant rise in gold and molybdenum production. The company maintains its full-year estimates for copper production, cash cost, and capital expenditure, and remains optimistic about the long-term fundamentals for copper.
