ANFGF - Antofagasta reports 40% boost to Q3 copper output raises 2023 guidance

Antofagasta ( OTC:ANFGF ) said Wednesday it produced 181.9K metric tons of copper in Q3, 40% more than in Q2 , as output nearly doubled at its flagship Los Pelambres project in Chile due to improved water availability.

The Chilean miner said it guides for FY 2023 copper production of 670K-710K metric tons with the completion of the Los Pelambres desalination and concentrator project.

Antofagasta ( OTC:ANFGF ) maintained its FY 2022 production outlook at the lower end of guidance of 640K-660 tons, after earlier cutting its view following a leak in an underground pipeline that transports concentrate from Los Pelambres.

Q3 gold production was 46.9K oz, a third higher than Q2, mainly due to higher throughput at Los Pelambres and higher grades at Centinela.

Weighed by the strong dollar and the likelihood of further interest rate increases, copper prices have been declining recently .

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