Business
Q1 Production Report
Q1 Production Report.
About this update from Antofagasta Plc
[{"type":"text","content":"\n Antofagasta PLC\n30 April 2008\n\n\n30 April, 2008\n\n Antofagasta plc\n\n Quarterly Production Report - Q1 2008\n\nHighlights\n\n\n • Group copper production in Q1 was 114,600 tonnes, 7.1% above the\n quarterly average for 2007.\n\n • Molybdenum production at Los Pelambres in the first quarter was 1,800\n tonnes, below the quarterly average for 2007 but in line with year-to-date\n forecast.\n\n • Group cash costs in Q1 were 72.2 cents per pound compared with 31.6\n cents per pound in the 2007 full year, due to lower by-product credits\n (reflecting lower molybdenum production) and higher on-site costs, partly\n offset by lower tolling charges.\n\n • In addition to the sale of a 30% interest in the Esperanza project and\n the El Tesoro mine as announced on 24 April as part of the Group's plan for\n the development of those properties, the Group has also acquired interests\n in two exploration licences in Zambia and has entered into an agreement to\n explore for thermal energy resources in Chile.\n\n\nGroup Total Q1 Q2 Q3 Q4 Acc Acc Full\n 2008 2008 2008 2008 2008 2007 Year\n 2007\n \nTotal production of\npayable copper 114.6 114.6 105.9 428.1\n ('000 tonnes)\n\nTotal production of\npayable moly 1.8 1.8 2.1 10.2\n('000 tonnes)\n\nWeighted average cash\ncosts 72.2 72.2 35.8 31.6\n(cents per pound)\n\n\nLos Pelambres\n\n\nLos Pelambres produced 79,100 tonnes of payable copper in the first quarter of\nthe year, in line with expectations and an increase of 9.2% over the quarterly\naverage for 2007. This was the result of increased plant throughput due to a\nhigher proportion of softer secondary ore treated, marginally offset by a slight\ndecrease in the average recovery obtained during the period. Shipments of\npayable copper in Q1 were 65,800 tonnes, 13,300 tonnes lower than production due\nto differences in shipping and loading schedules, which were subsequently\nshipped in April.\n\n\nMolybdenum production was 1,800 tonnes in the first quarter of the year, an\nexpected decrease of 800 tonnes compared with the quarterly average for 2007.\nThis reduction is mainly explained by the lower molybdenum ore grade in the\nquarter, partly offset by the higher plant throughput. The decrease in ore grade\nis in accordance with the mine plan, under which areas with a lower molybdenum\ngrade are now being mined.\n\n\nCash costs in Q1...