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Investing.com -- Antofagasta PLC (BS:ANTOl) on Thursday reported third-quarter copper production of 161,800 tonnes, up 1% from the previous quarter, as the mining company benefited from record by-product credits that drove net cash costs lower.
The Chilean copper producer maintained its copper production in line with the previous quarter, reflecting steady output from its Los Pelambres and Centinela Concentrates operations. Year-to-date copper production reached 476,600 tonnes, a 3% increase YoY.
Meanwhile, gold production jumped 12% quarter-on-quarter to 53,900 ounces, while molybdenum production fell 11% to 3,900 tonnes.
Net cash costs decreased 4% quarter-on-quarter to $1.07/lb, driven by record by-product credits of $1.35/lb - a 17% increase from the previous quarter due to higher gold production and favorable pricing for both gold and molybdenum. This strong performance led Antofagasta to lower its 2025 net cash cost guidance to $1.20-1.30/lb from the previous $1.45-1.65/lb range.
"Antofagasta delivered a strong quarter, with Group copper production in line quarter-on-quarter and net cash costs continuing to trend lower," said CEO Iván Arriagada. "Our two largest mining districts, Los Pelambres and Centinela, maintained strong margins, supported by a record by-product credit of $1.35/lb, which was driven by higher gold production and favourable pricing."
The company now expects full-year copper production to be at the lower end of its 660,000-700,000 tonne guidance range. Antofagasta also reduced its 2025 capital expenditure guidance to $3.6 billion from $3.9 billion, primarily due to the depreciation of the Chilean peso.
Looking ahead to 2026, the company projects copper production between 650,000 and 700,000 tonnes. Antofagasta’s major construction projects remain on track and on budget, with work advancing at both Centinela and Los Pelambres that will help deliver production growth of 30% in the medium term.