Antofagasta Surpassed 2022 Output Guidance Despite Headwinds

SEATTLE (Scrap Monster): Antofagasta plc. ended the previous year on a strong note, achieving full year production and cost guidance, amidst higher input costs and ongoing drought in Chile.

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The group produced 646,200 tonnes of copper for the full year, well within the previously announced guidance. However, it was down by 10.4% than the previous year, primarily due to temporary throughput reduction at Los Pelambres and lower grades at Centinela Concentrates. The Q4 copper production surged higher by 7.6% to total 195,700 tonnes, said the news release.

The gold production in 2022 totaled 176,800 ounces, as guided. However, the production was down by nearly 30% year-on-year, as a result of the expected lower grades at Centinela. Meantime, the Q4 output edged higher by 19.6% quarter-on-quarter, driven by higher throughput and higher grades at Centinela.

The net cash costs for full year 2022 were $1.61/lb, slightly below guidance, but higher from 2021 by 34.2%.

Antofagasta anticipates group production to be around 670,000-710,000 tonnes of copper and 220,000-240,000 ounces of gold. Also, copper and by-product production is expected to increase quarter on quarter through the year. The total capital expenditure for the current year is estimated at around $1.9 billion.