Antofagasta on Wednesday reported a 10.4% fall in 2022 copper output, as lower ore grades and drought in Chile continued to hurt production. mining Chile
is a positive start to the year, reflecting not just the relaxation of covid restrictions in China and its expected stronger growth, but also the fundamental long-term importance of copper and the need for increased supply,” said chief executive Iván Arriagada in a statement.Antofagasta, which operates four copper mines in Chile, the world’s largest producing country, expects production in 2023 will increase to between 670,000 and 710,000 tonnes with net cash costs of $1.65/lb, from $1.
Unit cost guidance is higher than consensus expectations, reflecting cost pressures for copper mining in Chile, Citi analysts said in a note. The miner sees capital expenditure of $1.9 billion this year, unchanged from 2022, hit by inflation and higher costs for its mine development and desalination expansion at Centinela and Los Palambres operations.
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