Antofagasta plc, a copper producer, has reported a 16% increase in copper production in the third quarter of 2023. This growth was driven by strong performance at its Los Pelambres and Centinela operations, with Los Pelambres benefiting from increased water availability from a newly constructed desalination plant. In the first nine months of the year, the company saw a 4% increase in copper production, a 19% increase in gold production, and a 23% increase in molybdenum production. Net cash costs were reduced by 6% to $1.65 per pound.
The company's full-year production and cost guidance remains unchanged. Antofagasta continues to invest in its assets to deliver growth, with the Phase 1 expansion at Los Pelambres contributing to increased ore throughput rates and copper output. The commissioning work for the fourth concentrator line at Los Pelambres is ongoing, and it is expected to deliver additional copper in 2024. Group copper production for 2024 is estimated to be between 670,000 and 710,000 tonnes.
Antofagasta emphasizes its commitment to sustainability and responsible copper sourcing. The company aims to contribute to the global decarbonization journey by delivering growth projects and prioritizing safe production, emissions reduction, efficient water use, biodiversity conservation, and community engagement.