21/04/2022

Quarterly Production Report - Q1 2022

Q1 2022 PRODUCTION REPORT - PRODUCTION AND COSTS IN LINE WITH GUIDANCE

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Antofagasta plc CEO, Iván Arriagada said:“Antofagasta´s copper production of 138,800 tonnes and net cash costs of $1.75/lb in the first quarter was in line with plan for the period and is consistent with annual guidance as copper production is expected to increase quarter-on-quarter during the year. Production reflected the impact of the ongoing drought at Los Pelambres and the expected lower grades at Centinela Concentrates.

“The copper, gold and molybdenum markets have been strong throughout the quarter, and we expect this to continue as structural supply and demand dynamics support a tight physical market. In the meantime, we maintain our focus on the safety and health of our employees and contractors, and on cost control and disciplined capital allocation.

“With completion of the Los Pelambres desalination plant expected in H2 2022 and no precipitation until the rainy season, full year guidance is retained at 660-690,000 tonnes of copper at a net cash cost of $1.55/lb. Following the completion of the review of the Los Pelambres Expansion project, total capital expenditure for the full year is expected to be $1.9 billion, at the top end of the previously guided range of $1.7–1.9 billion.”

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