Business
Q2 2022 PRODUCTION REPORT
Q2 2022 PRODUCTION REPORT.
About this update from Antofagasta Plc
[{"type":"text","content":"\n \n \n \n NEWS RELEASE, 20 JULY 2022\n \n \n \n \n Q2 2022 PRODUCTION REPORT\n \n \n \n \n FULL YEAR GUIDANCE REVISED\n \n \n \n \n \n \n \n \n \n Antofagasta plc CEO, Iván Arriagada said:\n \n \n \"In the first half of 2022 we produced 268,600 tonnes of copper at a net cash cost of $1.82/lb. Reduced production levels and higher costs compared to last year reflect the expected impact of the drought and the temporary closure of the concentrate pipeline at Los Pelambres in June, as well as lower grades at Centinela Concentrates.\n \n \n \n \n \"Looking to the second half of the year, we expect production to increase quarter-on-quarter as throughput recovers at Los Pelambres with increased water availability, grades improve at Centinela Concentrates and as the copper in concentrates, stockpiled at Los Pelambres' concentrator plant, is moved to the port.\n \n \n \n \n \"The significant decline in the copper price since the beginning of June has reinforced our commitment to control costs, particularly during this period of higher input prices and general inflation.\n \n \n \n \n \"Following the pipeline incident at Los Pelambres, and the continued uncertainty about water availability, full year copper production is now expected to be 640-660,000 tonnes. The impact of this and the high current levels of inflation are partially offset by the weakening of the Chilean peso and we now estimate full year net cash cost guidance at $1.65/lb.\"\n \n \n \n \n HIGHLIGHTS\n \n \n \n \n PRODUCTION\n \n \n \n ·\n \n Group copper production(1) in Q2 2022 was 129,800 tonnes\n \n , a decrease of 6.5% compared to the previous quarter, mainly due to the previously announced concentrate pipeline incident at Los Pelambres which reduced reported production during the period by approximately 23,000 tonnes. Operation of the pipeline resumed by the end of the period and 12,000 tonnes of copper in concentrates stockpiled at the concentrator plant will be moved to the port by October\n \n \n ·\n \n Group copper production(1) in the first six months of the year was 268,600 tonnes\n \n , 25.7% lower than in the same period last year mainly due to the expected temporary reduction in throughput at Los Pelambres as a result of the drought and the concentrate pipeline incident, and expected lower grades at Centinela Concentrates. Throughput at Los Pela...