Antofagasta PLC on Thursday said copper remained a key critical mineral for the energy transition, as it expects production for the new year to be similar to the year just past.
The London-based miner focused on Chile expects copper production for 2025 to range between 660,000 and 700,000 tonnes. For 2024 it said copper production rose 0.5% on-year to 664,000 tonnes from 660,600 tonnes in 2023.
Copper sales however fell 3.3% to 645,500 tonnes, from 667,200 tonnes.
Fourth-quarter copper production rose 12% to 200,300 tonnes from 179,000 in the third quarter. Full-year gold production declined 11% to 186,900 ounces.
Chief Executive Officer Ivan Arriagada said: ‘This was another sequentially stronger quarter for the company, with copper production higher across all operations. Our solid performance on costs, at a time of rising costs in the copper industry, demonstrates the importance of our competitiveness programme. Our key development projects at Los Pelambres and Centinela continue to advance according to their respective programmes, on time and budget. Once completed, these projects will deliver industry-leading copper growth, whilst also increasing competitiveness and delivering a solid platform for further growth over the longer term.’
For 2025 Antofagasta expects consolidated capital expenditure of $3.9 billion, in line with prior guidance. However, it said the capex guide excludes costs related to the Zaldivir project, and that it must resolve a permit dispute by May or close the project.
CEO Arriagada said: ‘Copper remains the key critical mineral for the energy transition, global economic growth and energy security, as it plays such a fundamental role in the generation, transmission and storage of electricity. As a pure play copper producer in Chile, we are well positioned to supply this growing demand.’
Antofagasta shares were 3.7% higher at 1,759.50 pence each on Thursday morning in London, giving it a market capitalisation of £17.51 billion.
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