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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)
Summary
Antofagasta recorded lower output in Q3, but it remains on track to meet this year's production guidance. The company expects its Los Pelambres mine to boost production with higher ore throughput and grades in Q4. Next year's output targets will remain in line with 2025.
Antofagasta (London, England) reported copper output of 161,800 tons in Q3, a 1.1% increase from the previous quarter but about 9.6% below the same period last year. In the first nine months of the year, however, the company recorded volumes of 476,600 tons of copper, 2.8% more than in 2024.
In Q3, the company's Los Pelambres mine in Chile was the leading producer, generating 73,000 tons of copper, followed by Centinela, also in Chile, with volumes of 45,100 tons of copper and 16,000 tons of copper cathodes. Antofagasta's smaller Chilean mines, Antucoya and Zaldivarhave recorded outputs of 18,600 tons and 9,000 tons, respectively.
So far this year, Centinela's volumes are 18% higher than in 2024 due to higher outputs from its concentrator. Meanwhile, Los Pelambres volumes from January to September were about 4% below last year due to lower throughput rates from areas with harder ore and maintenance.
Los Pelambres and Centinela Keep Trucking
Thanks to the anticipated production boost at the Los Pelambres mine, which will experience higher ore throughput and grades in Q4, the company forecasts it will meet the lower end of this year's production guidance of between 660,000 and 700,000 tons.
Looking ahead, both the Los Pelambres and Centinela mines are set to help the company increase production by 30% in the mid-term given their ongoing projects. In Q3, progress continued at the Los Pelambres desalination plant and concentrate pipeline, while at Centinela, key equipment for the second concentrator was assembled at Esperanza Sur, including mechanical thickeners and ball mills. The copper production guidance for 2026 has been set between 650,000 and 700,000 tons.
By-products Output Strengthens Operations
Gold volumes stood at 53,900 ounces in Q3, an increase of 11.6% quarter-over-quarter and 4% higher than last year. Meanwhile, molybdenum volumes stood at 3,900 tons, 11.4% lower compared to Q2 due to lower grades at Los Pelambres. However, through this year, molybdenum volumes are at 11,400 tons, 44.3% higher year-on-year following higher production from Los Pelambres and Centinela concentrates.
"In light of our continued focus on operational efficiency and strong by-product contribution, we have lowered our net cash cost guidance for 2025 to US$1.20--1.30/lb [per pound]. Group-level capex [capital expenditure] guidance for 2025 is lowered to US$3.6 billion, principally due to depreciation of the Chilean peso," said Ivan Arriaga, chief executive officer of Antofagasta.
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Key Takeaways
Summary
Antofagasta recorded lower output in Q3, but it remains on track to meet this year's production guidance. The company expects its Los Pelambres mine to boost production with higher ore throughput and grades in Q4. Next year's output targets will remain in line with 2025.
Antofagasta (London, England) reported copper output of 161,800 tons in Q3, a 1.1% increase from the previous quarter but about 9.6% below the same period last year. In the first nine months of the year, however, the company recorded volumes of 476,600 tons of copper, 2.8% more than in 2024.
In Q3, the company's Los Pelambres mine in Chile was the leading producer, generating 73,000 tons of copper, followed by Centinela, also in Chile, with volumes of 45,100 tons of copper and 16,000 tons of copper cathodes. Antofagasta's smaller Chilean mines, Antucoya and Zaldivarhave recorded outputs of 18,600 tons and 9,000 tons, respectively.
So far this year, Centinela's volumes are 18% higher than in 2024 due to higher outputs from its concentrator. Meanwhile, Los Pelambres volumes from January to September were about 4% below last year due to lower throughput rates from areas with harder ore and maintenance.
Los Pelambres and Centinela Keep Trucking
Thanks to the anticipated production boost at the Los Pelambres mine, which will experience higher ore throughput and grades in Q4, the company forecasts it will meet the lower end of this year's production guidance of between 660,000 and 700,000 tons.
Looking ahead, both the Los Pelambres and Centinela mines are set to help the company increase production by 30% in the mid-term given their ongoing projects. In Q3, progress continued at the Los Pelambres desalination plant and concentrate pipeline, while at Centinela, key equipment for the second concentrator was assembled at Esperanza Sur, including mechanical thickeners and ball mills. The copper production guidance for 2026 has been set between 650,000 and 700,000 tons.
By-products Output Strengthens Operations
Gold volumes stood at 53,900 ounces in Q3, an increase of 11.6% quarter-over-quarter and 4% higher than last year. Meanwhile, molybdenum volumes stood at 3,900 tons, 11.4% lower compared to Q2 due to lower grades at Los Pelambres. However, through this year, molybdenum volumes are at 11,400 tons, 44.3% higher year-on-year following higher production from Los Pelambres and Centinela concentrates.
"In light of our continued focus on operational efficiency and strong by-product contribution, we have lowered our net cash cost guidance for 2025 to US$1.20--1.30/lb [per pound]. Group-level capex [capital expenditure] guidance for 2025 is lowered to US$3.6 billion, principally due to depreciation of the Chilean peso," said Ivan Arriaga, chief executive officer of Antofagasta.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of plant profiles.
Key Takeaways
- Antofagasta reported copper output of 161,000 tons in Q3
- The company forecasts it will meet the lower end of this year's copper production guidance, which is between 660,000 and 700,000 tons
- Los Pelambres and Centinela mines are expected to boost production by 30% in the mid-term
