Antofagasta plc has released its Q1 2024 production report, with CEO Iván Arriagada noting that production and cost performance at mine sites were in line with expectations. The company experienced lower grades at Centinela and increased product inventories at Los Pelambres due to maintenance activities. However, the CEO highlighted that the production equivalent of 27kt of copper in concentrate has been rescheduled into future quarters. The full-year guidance remains unchanged, and the company anticipates an increase in its production profile quarter-on-quarter throughout the year.
Antofagasta plc has initiated the next phase of copper growth by commencing full construction of the Centinela Second Concentrator Project, which is expected to add a further 170kt per year of copper-equivalent production, with the first copper scheduled for 2027. Additionally, the company is preparing for construction work to double the capacity of the existing desalination plant and build a new concentrate pipeline at Los Pelambres, following the approval of the relevant Environmental Impact Assessment. These developments are seen as key enablers for further growth.
CEO Iván Arriagada emphasized the company's strong position to provide a growing supply of responsibly produced copper, aligning with the global trend towards electrification. Antofagasta plc aims to create value for all stakeholders as it continues to develop mining for a better future.
For more details, the full announcement can be accessed on the Antofagasta plc website.