ANFGF - Antofagasta reports higher Q2 copper production but lowers full-year guidance

2023-07-19 12:57:36 ET

Antofagasta ( OTC:ANFGF ) said Wednesday its Q2 copper production rose from the previous quarter, but it reduced guidance for the full year, citing construction delays and water availability at the Los Pelambres operation in Chile.

The miner reported Q2 copper production climbed 2.5% to 149.6K metric tons from 145.9K tons in Q1, while first-half total production jumped 10% to 295.5K tons from 268.6K tons for the year-earlier period.

Antofagasta ( OTC:ANFGF ) attributed the gains to improved throughput at Los Pelambres, where throughput rates jumped 24%.

But the company cut its full-year copper output forecast to 640K-670K metric tons from its previous guidance of 670K-710K tons - which would mean flat production volume compared to 646.2K tons in 2022 - amid delays in the Los Pelambres concentration expansion project and persistent water shortages in drought-ravaged Chile.

Antofagasta ( OTC:ANFGF ) left its full-year capital spending and cash cost guidance unchanged at $1.9B and $1.65/lb respectively.

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