Antofagasta Copper Output Recouped Despite Toppling Grades

SEATTLE (Scrap Monster): Antofagasta posted recovery in copper output in Q2 2024, despite declining grades. The quarterly production surged higher by almost 20%. Also, the HI 2024 remained close to the levels witnessed in H1 2023. The company now expects the production for the full year to remain in the lower end of the previously announced guidance range of 670,000-710,000 tonnes.

According to company news release, the Q2 copper production totalled 155,300 metric tons. The surge in output was mainly driven by increased output from Los Pelambres. However, this increase was offset by lower grades and recoveries at Centinela, due to elevated levels of clay and fines in ores processed. The copper production in the initial six-month period of the year totalled 284,700 tonnes.

Meantime, Antofogasta’s gold production totalled 33,600 ounces in Q2 this year, marginally higher by 1% from the initial quarter of the year. The H1 2024 gold production at 66,900 ounces was lower by 22% from H1 2023, mainly on account of lower grades at Centinela. The molybdenum production during the quarter too dipped by 7% over the prior quarter to total 2,500 tonnes.

The preliminary construction works on doubling the capacity of the Los Pelambres desalination plant and replacement of the existing concentrate pipeline has commenced, the news release noted.

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