Antofagasta Plc
Antofagasta Plc
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Chilean copper giant Antofagasta is maintaining full year production guidance of 705,000-740,000t at its Los Pelambres project 240km NE of Santiago despite the loss of about 15,000t in sales due to a pipeline blockage.
The blockage in the pipeline that transports concentrates from the mine to port at Los Vilos, discovered during scheduled maintenance completed on April 16, was cleared to resume on May 5.
Mining and processing continued uninterrupted, but it's likely to take up to 3 months to clear the resulting stockpiles.
Expected lower grades have pushed Chile-focused miner Antofagasta’s Mar 2018 qtr (Q1 18) copper production down 13.5% on Q4 17 to 153,800t and sales down 26.7% to 136,800t, but with grades expected to increase during the year and into 2019.
Gold production was also down 20.2% to 32,300oz, with grades were down at Centinela, and molybdenum output 6.1% lower to 3,100t.
Increased copper sales/prices and molybdenum production, offset by a fall in gold/copper output and higher unit cash costs, hasn’t stopped Chile-based miner Antofagasta racking up a big $US1.19B after tax profit for the Dec 2017 year (FY/CY17) from 2016’s $214.3 profit, which included a $386.4M exceptional loss.
The result was on revenue up 31.1% to $4.75B, EBITDA up 59.1% to $2.58B and operating cash flow jumping 71.2% to $2.49B on the back of stronger margins and higher sales.
Antofagasta has lifted its FY17 profit to $1.2B from 2016’s $214.3M, despite falls in gold-copper production and higher costs
Lower grades/recoveries at its Los Pelambres and Centinela operations in Chile have seen big miner Antofagasta’s Dec 2017 year (FY/CY17) gold production plunge 21.6% on the previous year to 212,400oz and copper down 0.7% to 704,300t, but with Molybdenum production at Los Pelambres up 48% to 10,500t on higher grades.
Big Chilean miner Antofagasta is looking to a better 2018 after a 21.6% gold production fall and copper down 0.7%, offset by a 48% moly jump
Antofagasta prepares to resume long-term planning for a potential 100-year copper-nickel-PGM develoment in Minnesota after the Trump administration reverses an Obama-era environmental ban.
Chilean copper giant Antofagasta is resuming design and permitting activities for the planned underground development in the next decade of its Twin Metals copper-nickel-PGM project in Minnesota after the US govt reversed a ban on two mining leases.
The Interior Dept refused to renew the long-held licences in Dec 2016 over the risk of environmental damage to nearby wilderness areas.
The switch follows President Donald Trump's pledge to end Obama Administration restrictions on mining.
Big Chilean miner Antofagasta Group is flagging FY/CY 2017 copper production of 685,000t-720,000t, rising to 705,000t-740,000t in FY/CY 2018 as the Encuentro Oxides operation ramps-up to full production.
And while cash costs before by-product credits guidance for FY/CY17 remain unchanged at $US1.55lb, net cash costs are now expected to be lower than the previously estimated $1.30lb.
The latest 9-months sees Antofagasta lift FY/CY 18 copper expectations at lower costs