Business
Q2 2023 PRODUCTION REPORT
Q2 2023 PRODUCTION REPORT.
About this update from Antofagasta Plc
[{"type":"text","content":"\n\nNEWS RELEASE, 19 JULY 2023\n \nQ2 2023 PRODUCTION REPORT\nPRODUCTION GUIDANCE UPDATED. NET CASH COST GUIDANCE UNCHANGED\n \nAntofagasta plc CEO, Iván Arriagada said: \"Copper production in the second quarter increased to 149,600 tonnes, as throughput rates at Los Pelambres improved. Net cash costs of $1.75/lb for the first half of 2023 were lower than the prior year, reflecting the effectiveness of our cost control efforts during this time of heightened inflationary pressures.\nThe desalination plant at Los Pelambres is now producing desalinated water, with commissioning work ongoing. Certain critical construction activities were rescheduled during the quarter, primarily as a result of sea swells that extended the execution of the final phase of marine works, and these are now substantially completed. At the Los Pelambres concentrator expansion, construction work has required additional time and full commissioning is expected to commence in early Q3. With both projects now moving into commissioning, completion for this phase of growth is expected to be achieved in the second half of 2023. However, this additional time in combination with the lack of rainfall at Los Pelambres has impacted production and guidance for the full year has been updated to 640-670,000 tonnes.\nLooking ahead, we see resilience in the demand for copper as the global decarbonisation journey continues, with copper essential for the transition, and this underpins our ambition to grow our business to 900,000 tonnes of annual copper production.\"\n \nHIGHLIGHTS\nPRODUCTION\n· Copper production in Q2 2023 of 149,600 tonnes, 2.5% higher quarter-on-quarter (Q1 2023: 145,900 tonnes), primarily due to improving plant throughput at Los Pelambres.\n· Copper production in H1 2023 of 295,500 tonnes, 10.0% higher year-on-year (H1 2022: 268,600 tonnes), principally reflecting a 23.9% increase in throughput rates at Los Pelambres.\n· Gold production in Q2 2023 was 44,000 ounces, 4.3% ahead of the prior quarter (Q1 2023: 42,200 ounces) due to higher grades and recoveries at Centinela. For the first six months of the year, gold production increased by 16.8% to 86,200 ounces (H1 2022: 73,800 ounces).\n· Molybdenum production in Q2 2023 was 2,400 tonnes, 4% lower than the prior quarter ...