(Alliance News) - Antofagasta PLC on Wednesday said copper production fell in 2022 but was in line with guidance, citing a temporary reduction in throughput due to a drought in Chile during the first half of the year.

Copper production was 646,200 tonnes, down 10% from 721,500 in 2021. In the fourth quarter, copper production increased by 7.6% to 195,700 tonnes from 181,900 tonnes in the third quarter.

Molybdenum production grew by 500 tonnes quarter-on-quarter to 3,100 in the fourth quarter, though it fell by 7.6% to 9,700 tonnes in the full year from 10,500 in 2021.

During all of 2022, gold production decreased by 30% to 176,800 ounces from 252,200 ounces. It rose by 20% to 56,100 ounces in the fourth quarter from 46,900 in the third.

Cash costs before by-product credits increased by 22% in 2022 to USD2.19 per pound. In the fourth quarter alone, however, they fell by 12 US cents compared to the third quarter, to USD2.00 per pound. Meanwhile, net cash costs increased by 34% in 2022 to USD1.61 per pound, with the company expecting this to increase further to USD1.65 in 2023.

For 2023, Antofagasta anticipates production of 670,000 to 710,000 tonnes of copper, up from 2022 but still down from 2021's output.

Antofagasta shares were 2.6% higher at 1,787.00 pence each in London on Wednesday morning.

By Tom Budszus, Alliance News reporter

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