LONDON (ShareCast) - (Sharecast News) - Mining giant Antofagasta said on Wednesday that copper and gold production had increased in the three months ended 30 September, helping offset a decline in molybdenum production due to to lower grades at its Los Pelambre asset, but said full-year copper production would be at the lower end of its guidance range.
Antofagasta said copper production came to 161,800 tonnes in the third-quarter, an 1.1% increase from Q2, with year-to-date production rising 2.8% to 476,600 tonnes, while gold production coming to 53,900 ounces, an 11.6% increase from the previous quarter. Year-to-date gold production hit 145,000 ounces, up 22.2% year-on-year.

However, Antofagasta now expects FY25 copper production to be at the lower end of its 660,000 to 700,000 tonne guidance range, while guidance ranges for group-level production of gold and molybdenum remained unchanged.

Molybdenum production came to 3,900 tonnes in Q3, down 11.4% from Q2, but year-to-date production hit 11,400 tonnes, up 44.3% year-on-year.

The FTSE 100-listed firm stated cash costs before by-product credits in Q3 were $2.42 per pound, while net cash costs were $1.07 per pound. By-product credits rose 17% quarter-on-quarter to $1.35 per pound following higher gold production and higher by-product pricing.

It also lowered 2025 net cash cost guidance to $1.20-1.30 per pound and its capital expenditure guidance to $3.6bn.

As of 0815 BST, Antofagasta shares down 1.21% at 2,606p.





Reporting by Iain Gilbert at Sharecast.com

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