Antofagasta Copper Output Surged in Q4 and Full Year 2023

SEATTLE (Scrap Monster): Antofagasta plc reported significant progress in 2023, delivering increased production. The company has entered into the next phase of development and growth, noted Ivan Arriagada, CEO.

The group copper production in Q4 last year was 191,500 tonnes, significantly higher by 10% than Q2 2023, mainly driven by increased production at Los Pelambres and Centinela. The group copper production for the full year 2023 registered marginal increase by 2% to total 660,600 tonnes.

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The group’s gold production of 65,500 ounces for the final quarter of 2023 was up by 14% from the prior quarter, primarily driven by higher grades at Centinela. The full year production surged higher by 18% to 209,100 ounces. Meantime, the molybdenum production for Q4 and full year 2023 totalled 2,900 tonnes and 11,000 tonnes respectively.

The company recorded another strong year of safety performance, with no fatalities and a reduction in lost time injury rates. The delivery of the Phase 1 Expansion Project at Los Pelambres is in the final stage, which in turn will help in maintaining future production. The recently disclosed investment in Buenaventura is in line with its strategy to focus on exploration and investment in the Americas.

In its outlook for 2024, Antofagasta said it expects group copper production to range between 670,000 and 710,000 tonnes. Meantime, the group gold and molybdenum production is predicted at 195-215,000 ounces and 11.0-12.5 tonnes respectively.