Business
Q2 2018 PRODUCTION REPORT
Q2 2018 PRODUCTION REPORT.
About this update from Antofagasta Plc
[{"type":"text","content":"\n \nRNS Number : 6469V Antofagasta PLC 25 July 2018 \n\nNEWS RELEASE, 25 JULY 2018\nQ2 2018 PRODUCTION REPORT\nPRODUCTION AND COSTS AS EXPECTED\n \nAntofagasta plc CEO, Iván Arriagada said: \"Our performance in terms of copper production and controlling costs during the quarter has been successful and, as anticipated and previously guided, copper production during this second quarter was higher than in the first quarter while net cash costs were lower.\n\"Second quarter copper production was 163,200 tonnes and we expect it to continue increasing quarter-on-quarter during the remainder of the year and into 2019 as grades improve, and as 9,200 tonnes of copper in concentrates, stockpiled at the Los Pelambres plant on account of the pipeline blockage in April, is moved to the port.\n\"We continue our disciplined approach to costs, but we have seen higher input prices and the impact of a stronger Chilean peso coupled with lower grades during the first half of the year. However, with grades and by-product volumes expected to increase in the second half, we expect a reduction in net cash costs.\n\"We maintain our production guidance for the full year at 705-740,000 tonnes and the net cash cost guidance for the year is also unchanged at $1.35/lb.\"\n \nHIGHLIGHTS\nPRODUCTION \n· As previously announced, production and sales were delayed at Los Pelambres following a blockage in the concentrate pipeline in April/May. As at the end of the quarter there were 9,200 tonnes of copper contained in concentrates stockpiled at the plant which will be pumped down to the port during Q3.\n· Group copper production in Q2 2018 increased by 6.1% compared to the previous quarter as a result of increased sulphide grades and higher throughput at all operations, despite being impacted by the pipeline blockage.\n· Group copper production for the first six months of the year was 317,000 tonnes, 8.5% lower than in the same period last year as a result of lower grades being mined during the period.\n· Gold production during the quarter increased by 22.9% to 39,700 ounces compared to the previous quarter, but for the first six months decreased by 35.8% to 72,000 ounces due to lower grades at Centinela.\n· Molybdenum production...