Antofagasta Shows Record Quarterly Production
The FTSE 100-listed company maintains its estimate of production levels for the coming year and projects a $ 1.2 billion increase in capital expenditures in 2019, which it says will be partly attributable to the expansion of its flagship mine. Los Pelambres in Chile.
Antofagasta production in the fourth quarter increased to 220,000 tons, up from 177,800 tons recorded a year earlier. As a result, the annual production in 2018 grew by three percent to 725,300 tons.
In 2019, according to the miner, copper production is expected to range from 750,000 to 790,000 tons. The Chilean-based company is the world's largest producer of metal used in energy, construction and electric vehicles.
The positive news from Antofagasta gives producers a little breath as the protracted Sino-US trade war drove copper prices down last year and sparked concerns about demand from the world's largest metal consumer, China.
Net cash costs for the quarter were $ 0.99 /lb, the lowest since 2012, according to a company divesting non-core assets to focus on copper.