Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Antofagasta reports 11% drop in first-quarter output
(Sharecast News) - Copper miner Antofagasta said output fell in the first quarter due to lower grades and maintenance activities at two of its main projects, while the cost of production rose. Copper production totalled 129,400 tonnes in the first three months of 2024, down 11% on the previous year.
The decline was mainly due to lower grades and increased ore hardness at Centinela, as expected, as well as maintenance and cleaning activities on the Los Pelambres concentrate pipeline that delayed moving concentrate to port facilities. Some 27,000 tonnes of copper in concentrate from the latter project will be rescheduled into future quarters as production and sales, the company said.
Meanwhile, gold production fell 21% year-on-year to 33,300 tonnes as a result of lower gold grades at Centinela and the delay in moving material through the Los Pelambres concentrate pipeline. Molybdenum output rose 8% to 2,700 tonnes due to production at Los Pelambres, where operations were unaffected by recent maintenance.
Cash costs before by-product credits averaged $2.67 a pound, up 7% year-on-year, due to lower production at Centinela and Los Pelambres. Compared with the fourth quarter, cash costs were up 29%.
Looking ahead, the company held on to production guidance for the year, expecting 670,000 to 710,000 tonnes of copper as output picks up over the coming quarters. Cash cost guidance was also unchanged at between $2.25 a pound before by-product credits.
"Following approval of the relevant Environmental Impact Assessment for Los Pelambres, preparations are underway to commence construction work to double the capacity of the existing desalination plant and build a new concentrate pipeline, both of which will serve as key enablers for further growth," said chief executive Iván Arriagada.
"As we move toward further global electrification, Antofagasta is in a strong position to provide a growing supply of responsibly produced copper and creating value for all our stakeholders."
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
