Antofagasta plc - Quarterly Production Report - Q2 2022

20/07/2022

Quarterly Production Report – Q2 2022

Q2 2022 PRODUCTION REPORT - Q2 2022

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Antofagasta plc CEO, Iván Arriagada said: “In the first half of 2022 we produced 268,600 tonnes of copper at a net cash cost of $1.82/lb. Reduced production levels and higher costs compared to last year reflect the expected impact of the drought and the temporary closure of the concentrate pipeline at Los Pelambres in June, as well as lower grades at Centinela Concentrates.

“Looking to the second half of the year, we expect production to increase quarter-on-quarter as throughput recovers at Los Pelambres with increased water availability, grades improve at Centinela Concentrates and as the copper in concentrates, stockpiled at Los Pelambres’ concentrator plant, is moved to the port.

“The significant decline in the copper price since the beginning of June has reinforced our commitment to control costs, particularly during this period of higher input prices and general inflation.

“Following the pipeline incident at Los Pelambres, and the continued uncertainty about water availability, full year copper production is now expected to be 640–660,000 tonnes. The impact of this and the high current levels of inflation are partially offset by the weakening of the Chilean peso and we now estimate full year net cash cost guidance at $1.65/lb.”

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