Antofagasta Announced Plans to Boost Copper Output by One-Fifth

SEATTLE (Scrap Monster): The Chilean mining leader Antofagasta plc. announced plans to boost its copper output by 20% from current levels by 2026. By that time, the company targets to achieve a production of 900,000 tonnes.

Explorations and possible acquisitions are likely to drive the output growth, said company official. The company had earlier disclosed that it intends to look out for M&A opportunities at early-stage copper projects, mainly in South American region. Incidentally, the company’s operating mines are spread across Chile, Peru, the U.S. and Canada.

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According to Ivan Arriagada, Chief Executive, Antofagasta, the board approval for the second concentrator at its Centinela mine in Chile by next year would play a key role in the projected output growth. The approval would ensure commissioning of the second concentrator in 2025.  It must be noted that the copper miner’s earnings had soared to hit record of $2.4 billion during H1 2021.

The disruptions in operations on account of the extreme dry weather conditions in Chile had recently forced the company to cut its copper output guidance for 2021 to 710,000-740,000 tonnes, down from previously announced guidance range of between 730,000 tonnes and 760,000 tonnes.