Business
Q4 2017 PRODUCTION REPORT
Q4 2017 PRODUCTION REPORT.
About this update from Antofagasta Plc
[{"type":"text","content":"\n \nRNS Number : 7137C Antofagasta PLC 24 January 2018 \n\nNEWS RELEASE, 24 JANUARY 2018\nQ4 2017 PRODUCTION REPORT\nGUIDANCE MET FOR 2017\n \nAntofagasta plc CEO, Iván Arriagada said: \"Antofagasta had a strong year operationally. Copper production at 704,300 tonnes was in line with guidance and came in at a net cash cost of $1.25/lb. I am also pleased to report that the Group had zero facilities during 2017, a target we remain focused on as we continue to focus on safety across our operations.\n\"Our disciplined approach to capital allocation has allowed the Group to continue to invest in profitable tonnes throughout the cycle. The new additions to our portfolio at Zaldívar, Antucoya and Encuentro Oxides now account for 25% of Group production, helping offset declines at our mature assets and providing Antofagasta with a platform for growth as copper prices recover.\n\"Our priorities for 2018 will be to continue to improve the safety, reliability and profitability of our operations, whilst advancing our development projects in a disciplined manner.\"\nHIGHLIGHTS\nPRODUCTION \n· Copper production in Q4 2017 was 177,800 tonnes, 1.3% less than in the previous quarter. Higher production at Los Pelambres and the ramp-up of the Encuentro Oxides project offset lower production at Centinela Concentrates.\n· Group copper production for the full year was 704,300 tonnes, in line with guidance and 0.7% lower than in 2016. This was due to the impact of the expected lower grades at Los Pelambres and Centinela, which was offset by Encuentro Oxides coming into production in October and following the completion of the ramp-up at Antucoya in 2016.\n· Gold production was 40,500 ounces in Q4 2017, a 32.0% decrease on Q3 2017 due to lower grades and recoveries at Centinela. For the full year production was 212,400 ounces, 21.6% lower than in 2016, again reflecting lower grades and recoveries at Centinela.\n· Molybdenum production at Los Pelambres was 3,300 tonnes in Q4 2017 and 10,500 tonnes for the full year, 47.9% higher than in the previous year on higher grades.\n \n \nCASH COSTS\n· Cash costs before by-product credits in Q4 2017 were $1.69/lb, 8.3% higher than in Q3 2017 due to the one-off signing bonus...