Antofagasta reports Q3 copper output fall but keeps guidance

Chilean miner Antofagasta on Wednesday reported a 4.6% drop in third-quarter output on the previous quarter and said annual output was likely to be at the lower end of its 2020 guidance.

Antofagasta produced 169 600 tonnes of copper during the third quarter down from the 177 700 tonnes in the previous three months, mainly due to major maintenance work at its flagship Los Pelambres mine and lower grades at its Antucoya operations.

The London-listed miner said it expected 2020 production to be at the lower end of its original guidance of between 725 000 to 755 000 tonnes while net cash costs are expected to fall below the originally guided $1.20 per pound.