By Ian Walker
LONDON--Chilean copper producer Antofagasta PLC (ANTO.LN) said
Thursday it remains on track to achieve its 2013 targets for
production and cash costs, despite reporting a fall in both copper
and gold production in the third quarter against the earlier
quarter.
For the quarter ended Sept. 30, copper production was 174,200
tons, down 3.4% compared with the previous quarter, primarily due
to forecast lower grades across the operations and in line with
expectations.
Gold production was 67,700 ounces in the third quarter, a 12%
decrease on the second quarter due to lower grades at its Esperanza
mine.
Antofagasta said its forecasts for production in 2013 remain
unchanged at 700,000 tons of copper, 280,000 ounces of gold and
8,000 tons of molybdenum.
It also remains on track to achieve cash costs before by-product
credits of $1.85 per pound and net cash costs of $1.40/lb, it said.
Cash costs in the third quarter, before by-product credits, were in
line with expectations at $1.84/lb, 2.2% higher than the previous
quarter, primarily due to higher costs at Esperanza
Shares closed in London on Wednesday at 897 pence, valuing the
company at GBP8.85 billion ($14.31 billion).
Write to Ian Walker at ian.walker@wsj.com
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