London-listed mining firm Antofagasta maintained its copper production guidance for 2024 and expects flat output for 2025 despite an incremental increase in output at its Centinela mine.
Antofagasta said today it expects to finish 2024 at the lower end of its guidance range previously announced, of 670,000-710,000t of copper.
The company also said it projects to produce between 660,000-700,000t of copper in 2025 as it forecasts an incremental increase in concentrate output at its Centinela mine, in Chile, without giving further details on it.
Antofagasta's copper production slightly increased in the third quarter to 179,000 metric tonnes (t), up by 3pc from 173,600t a year prior.
Copper production was 15.3pc higher than in the previous quarter, reflecting a partial destocking of inventories at Los Pelambres mine, in Chile, and an increase in copper grades and recoveries at the Centinela mine, the company said.
Copper sales increased by nearly 11.4pc to 176,500t in the third quarter on the year, while rising 9.3pc compared to the previous quarter.
Antofagasta produced 2,700t of molybdenum in the third quarter, down by 15pc from the same period a year earlier. It was up by 8pc from the previous quarter.
Antofagasta operates four mines across Chile, the world's largest copper-producing country.
