Antofagasta PLC has published a new press release:
30 Jul 2014
Q2 2014 Production Report
Full year guidance remains unchanged
HIGHLIGHTS
PRODUCTION
- Group copper production in Q2 2014 was 178,800 tonnes, a 5.5% increase compared with the previous quarter, principally due to higher plant throughput levels in Q2 following scheduled maintenance at Los Pelambres and Esperanza in the first quarter
- Group copper production in H1 2014 was 4.4% lower than in the same period last year primarily due to anticipated lower grades at Los Pelambres and Esperanza
- Group gold production was 67,000 ounces in Q2 2014, an 18.0% increase on Q1 2014 as a result of higher throughput and marginally higher grade at Esperanza
- Molybdenum production at Los Pelambres was 1,600 tonnes in Q2 2014, compared with 1,700 tonnes in the previous quarter, principally due to lower grade
CASH COSTS
- Cash costs before by-product credits in Q2 2014 were $1.90/lb, a 3.8% increase compared with Q1 2014.
This increase mainly related to the one-off signing bonus between Esperanza and its labour unions
- Net cash costs of $1.45/lb were in line with the previous quarter, supported by improved by-product credits from Los Pelambres, despite the higher group cash costs before by-product credits
- Net cash costs for the first half of 2014 were $1.46/lb, 15.9% higher than the same period last year primarily due to the lower by-product credit at Esperanza, the signing bonuses at Los Pelambres and Esperanza, and ceased mining activities at the lower cash cost Mirador pit by El Tesoro, however, ahead of original expectations for the period
GUIDANCE
- The Group remains on track to meet its full year guidance of 700,000 tonnes of copper, 270,000 ounces of gold and 7,500 tonnes of molybdenum and net cash costs of $1.45/lb.
OTHER
- In June, the Group announced the merger of Esperanza and El Tesoro into one single operation, Minera Centinela
- New labour agreements were successfully negotiated at Los Pelambres and Esperanza in the first half of 2014
|
GROUP PRODUCTION AND CASH COSTS |
|
Q2 |
Q1 |
|
YTD |
|
|
|
2014 |
2014 |
% |
2014 |
2013 |
% |
|
Copper production |
kt |
178.8 |
169.4 |
5.5 |
348.2 |
364.1 |
(4.4) |
|
Gold production |
koz |
67.0 |
56.8 |
18.0 |
123.8 |
162.9 |
(24.0) |
|
Molybdenum production |
kt |
1.6 |
1.7 |
(5.9) |
3.3 |
4.7 |
(29.8) |
|
Cash costs before by-product credits |
$/lb |
1.90 |
1.83 |
3.8 |
1.87 |
1.76 |
6.3 |
|
Net cash costs |
$/lb |
1.45 |
1.46 |
(0.7) |
1.46 |
1.26 |
15.9 |
To read the full press release, go to:
http://www.antofagasta.co.uk/media/press-releases.aspx
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