Antofagasta posts fall in third quarter gold and copper output

31st Oct 2013 07:06

Antofagasta reported a decline in gold and copper production in the third quarter due to lower grades across its mining operations. Gold output dropped 11.7% to 67,700 ounces while copper production fell 3.4% to 174,200 tonnes.Production was hurt by lower grades of gold and copper at the Esperanza, Los Pelambres and El Tesoro mines in Chile. For the year to date, however, copper output rose 4.4% to 538,300 tonnes and gold was 8% higher at 230,600.The forecast for 2013 group production remains unchanged at 700,000 tonnes of copper, 280,000 ounces of gold and 8,000 tonnes of molybdenum.Cash costs before by-product credits were in line with expectations at $1.84 per pound in the third quarter, up 2.2% from the previous quarter, primarily due to higher costs at Esperanza.The group said it remains on track to achieve cash costs before by-product credits of approximately $1.85 per pound and net cash costs of approximately $1.40 per pound.RD