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Jan. 22, 2020, 2:39 a.m. EST

Antofagasta hit top end of copper guidance for 2019, backs 2020 targets

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By Adriano Marchese

Antofagasta said Wednesday that 2019 was a good year operationally, producing a record amount of copper at the top end of its revised guidance.

The Chile-based mining company /zigman2/quotes/200173667/delayed UK:ANTO -5.12%  said produced 770,000 metric tons of copper in 2019, compared with 725,300 metric tons in 2018, benefiting from higher production at its Los Pelambres, Centinela and Zaldivar mines.

Gold production reached 282,300 ounces in the year, compared with 210,100 ounces in 2018.

However, on a quarterly basis, the company said gold production was 55,600 ounces, a fall from the previous quarter with lower grades at Centinela.

Fourth-quarter copper production fell 5.8% compared with the third quarter to 185,500 tons due to planned lower grades and maintenance at Centinela, as well as the disruption of fuel deliveries to Los Pelambres due to social unrest in Chile.

Antofagasta’s production of strategic metal molybdenum, which is often used to make metal alloys, was 2,300 tons during the quarter and 11,600 ton for the full year, 15% lower than in the previous year on expected lower grades at Los Pelambres and unchanged production at Centinela, the company said.

Looking ahead to 2020, the miner reiterated its target to produce between 725,000 tons and 755,000 tons of copper, between 180,000 ounces and 200,000 ounces of gold, and between a range of 12,500 tons and 14,000 tons of molybdenum.

/zigman2/quotes/200173667/delayed
UK : U.K.: London
816.20 p
-44.00 -5.12%
Volume: 2.55M
Feb. 24, 2020 4:35p
P/E Ratio
17.28
Dividend Yield
4.53%
Market Cap
£8.48 billion
Rev. per Employee
N/A
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