Antofagasta Quarterly Copper Output Rises 13% on Esperanza Mine
Antofagasta Plc (ANTO), the copper producer controlled by Chile’s Luksic family, said first-quarter output rose 13 percent on increased production at its Esperanza mine.
Copper output advanced to 183,800 metric tons from 162,900 tons a year earlier, the mining company said today in a statement. Volumes declined 5.2 percent from the previous three months after maintenance in March caused lower production at its Los Pelambres mine, it said.
Production at Esperanza surged to 47,900 tons of copper from 30,500 tons a year earlier, the London-based company said, while declining from 49,400 tons in the previous three months.
Antofagasta, which started shipments from Esperanza two years ago, is ramping up production at the mine as it pursues a target of processing 97,000 tons of ore a day. It processed an average of 91,400 tons a day in the first quarter compared with 89,200 tons in the previous quarter, according to the statement.
The company’s cash costs, including contributions from byproducts such as molybdenum, rose 18 percent to 115.5 cents a pound from a year earlier, London-based Antofagasta said today. Output of molybdenum, used to harden steel, declined 16 percent to 2,600 tons from a year earlier.
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