Business
Q4 2015 PRODUCTION REPORT
Q4 2015 PRODUCTION REPORT.
About this update from Antofagasta Plc
[{"type":"text","content":"\n \nRNS Number : 0813N Antofagasta PLC 27 January 2016 \n\nNEWS RELEASE, 27 JANUARY 2016\nQ4 2015 PRODUCTION REPORT\nSTRONGEST QUARTER OF 2015\nAntofagasta plc CEO, Diego Hernández said:\n\"We have finished the year strongly with our best quarter of the year. Copper and molybdenum production were up against Q3 and gold production was 22% higher. Our production benefited from an improved performance at Los Pelambres and Centinela, and the addition of new production from Antucoya and Zaldívar. As production rose we kept a tight grip on our costs, with net cash costs for the quarter falling to $1.38/lb, down 2.8% against Q3.\n\"Whilst we have finished the year on a good note, 2015 has been undeniably difficult. The continued deterioration of the macro-environment and associated falling commodity prices combined with several operational set-backs resulted in copper production declining 11% year-on-year and cash costs before by-product credits declining by 1% to $1.81/lb. Although we achieved significant savings during the year and benefited from the weaker Chilean Peso and falling energy and diesel prices, this was outweighed by our lower production.\n\"Looking to 2016, we are focused on operational excellence and improving productivity across all our mines in order to continue to maintain a tight control on costs. We will benefit from growth at Antucoya and Centinela Concentrates and we will have a full year of production from our share of Zaldívar. With this focus on our operations, we expect the Group's total copper production for 2016 to be in the range of 710,000 and 740,000 tonnes at a net cash cost of $1.35/lb.\"\nHIGHLIGHTS\nPRODUCTION \n· Copper production in Q4 2015 was 169,900 tonnes, 8.2% higher than Q3 2015. This increase was primarily driven by higher production at Los Pelambres and Centinela Concentrates and the contribution from Antucoya and Zaldívar.\n· Group copper production for the full year of 630,300 tonnes was 10.6% lower than in 2014, primarily due to lower production at Los Pelambres and Centinela.\n· Gold production was 55,700 ounces in Q4 2015, a 21.8% increase on Q3 2015 as grades increased at Centinela.\n· Gold production for the year was 213,900 ounces compared to 270,900 in 2014, mainly reflecting l...