Antofagasta PLC on Wednesday said copper and gold output grew in the third quarter of the year, and left its full-year copper production guidance unchanged.

The London-based, Chile-focused mining group said copper production in the third quarter of 2023 grew by 16% to 173,000 tonnes from 149,600 in the second quarter. In the nine months to September 30, copper production was 4.1% higher at 469,000 tonnes from 450,600 in the corresponding nine-month period a year prior.

Antofagasta attributed these increases to higher output at its Los Pelambres desalination plant in the Coquimbo region north of Santiago, where quarterly copper production increased rose 17% to 81,100 tonnes from 69,200 in the previous quarter. Its Centinela operation contributed to a 24% increase in copper production to 63,800 tonnes from 51,500 tonnes in the second quarter due to higher grades and ore throughput.

Gold production grew 31% to 57,400 ounces from 44,000 in the second quarter, due to increased production at Centinela, Antofagasta said. For the first nine months of the year, gold production increased by 19% to 143,600 ounces from 120,700 in 2022.

Molybdenum production in the third quarter was 3,200 tonnes, 33% higher than 2,400 in the prior quarter, as both Los Pelambres and Centinela contributed greater output. Year to date, production was 8,100 tonnes, 23%% higher than in the same period last year of 6,600 tonnes.

Antofagasta said following the commissioning of the Phase 1 desalination plant for Los Pelambres, ramp up towards its design capacity of 400 litres per second is on track, with an average output of 248 litres per second during the third quarter of 2023.

Looking ahead, the miner said its full-year copper production guidance remains unchanged at 640-670,000 tonnes, and reiterated its full year guidance for cash costs of $2.30 per pound and net costs of $1.65/lb. In addition, 2024 copper production is expected to be between 670,000 and 710,000 tonnes, with the increase in production ‘principally reflecting the progress with the Phase 1 Expansion at Los Pelambres’, the company explained.

Chief Executive Officer Ivan Arriagada said: ‘We are well-positioned to make our contribution, delivering our growth projects for the global decarbonisation journey that lies ahead. Sustainability is at the core of what we do and through prioritising safe production, emissions reduction, efficient water use, biodiversity conservation and community engagement we will continue to generate value for all our stakeholders.’

Shares in Antofagasta were down 0.5% at 1,388.00 pence each in London on Wednesday morning.

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