Antofagasta maintains FY production guidance

(Sharecast News) - Mining giant Antofagasta maintained its full-year production guidance of 660,000 to 700,000 tonnes on Wednesday despite seeing "significant volatility" in global markets. Antofagasta said it had delivered "a solid quarter of operating performance" in the three months ended 31 March, with copper production up 19.6% year-on-year, while gold and molybdenum production rose 28.8% and 14.8%, respectively. Copper sales surged 47.1% to 170.2 kilotons.

The FTSE 100-listed firm stated that its growth programme had continued to "make material progress", with its Centinela Second Concentrator Project and Los Pelambres' Growth Enabling Projects advancing well. At its Zaldívar site, Antofagasta said it was now entering "the final stages" of its Environmental Impact Assessment, and that it remains focused on the resolution of permitting during Q225.

"With global markets experiencing significant volatility, our efforts remain centred on delivering robust operational performance, continued cost discipline and the timely execution of our growth projects," said chief executive Iván Arriagada.

"The medium-term outlook for copper remains strong given its fundamental role in energy security and electrification, positioning it as a metal of the future. We remain well-positioned to meet the rising demand through our pipeline of projects currently under construction."

As of 0835 BST, Antofagasta shares were down 2.21% at 1,502.50p.

Reporting by Iain Gilbert at Sharescast.com