Business
Q3 2014 PRODUCTION REPORT
Q3 2014 PRODUCTION REPORT.
About this update from Antofagasta Plc
RNS Number : 5238V Antofagasta PLC 29 October 2014 NEWS RELEASE, 29 OCTOBER, 2014 Q3 2014 PRODUCTION REPORT FULL YEAR GUIDANCE UNCHANGED HIGHLIGHTS PRODUCTION · Copper production in Q3 2014 was 169,200 tonnes, a 5.0% decrease compared with the previous quarter, principally due to lower throughput at Los Pelambres and Centinela concentrates · Copper production in the first nine months of the year was 3.9% lower than in the same period last year primarily due to lower grades · Gold production was 64,700 ounces in Q3 2014, a 3.4% decrease on Q2 2014 due to lower throughput at Centinela concentrates as a result of planned maintenance, which was partly offset by higher grades · Molybdenum production at Los Pelambres was 2,300 tonnes in Q3 2014, compared with 1,600 tonnes in the previous quarter, principally due to higher grades CASH COSTS · Cash costs before by-product credits in Q3 2014 were $1.85/lb, a 2.6% decrease compared with Q2 2014. This decrease mainly related to lower energy costs at Los Pelambres and the one-off signing bonus between Centinela concentrates and its labour unions that was paid in Q2 2014 · Cash costs before by-product credits for the first nine months of the year at $1.86/lb were 3.9% higher than in the corresponding period last year due to the one-off signing bonuses paid this year at Los Pelambres and Centinela concentrates and the completion of mining activities at the lower cash cost Mirador pit by Centinela cathodes in 2013 · Net cash costs for the first nine months of 2014 were $1.44/lb, 8.3% higher than the same period last year primarily due to higher cash costs before by-product credits and lower realised gold prices GUIDANCE · The Group remains on track to meet its full year guidance of 700,000 tonnes of copper, 270,000 ounces of gold and 7,500 tonnes of molybdenum and net cash costs of $1.45/lb OTHER · As part of the programme to reduce power costs, the El Arrayán wind farm was commissioned in July and now provides Los Pelambres with some 20% of its power needs. Following this, in September 2014, Los Pelambres signed Power Purchase Agreements with two solar power providers for a total of 50MW ...