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LONDON (Alliance News) - Chilean miner Antofagasta PLC reaffirmed 2019 guidance on Wednesday after reporting a first-quarter performance in line with expectations.
In the three months to March, Antofagasta's copper production rose 23% on the year before to 188,600 tonnes, but was down 14% on the final quarter of 2018.
This met expectations, with the year-on-year rise due to higher ore throughput and expected higher grades. However, the fall from the previous three months was caused by maintenance at the Los Pelambres and Centinela mines and lower grades.
Copper sales rose 31% year-on-year to 178,900 tonnes, but declined 18% quarter-on-quarter.
Antofagasta produced 62,200 ounces of gold in the quarter, nearly doubled year-on-year due to higher Centinela grades, but again, this was 31% down on the last quarter of 2018.
Molybdenum output came in 13% higher year-on-year at 3,500 tonnes, and also was higher quarter-on-quarter with 6.1% growth.
Antofagasta's net cash costs fell 20% on the year prior to USD1.24 per pound of copper, though were 25% higher on the prior quarter.
Chief Executive Ivan Arriagada said Antofagasta's "high level" of performance achieved in the second half of 2018 has continued, and it is on track for guidance of between 750,000 tonnes and 790,000 tonnes of copper in 2019.
"Our priorities for the year ahead remain our safety performance, maintaining our operating reliability and efficiency, and progressing the construction of the Los Pelambres expansion, which began during the quarter," Arriagada added.