Antofagasta (LSE:ANTO) delivered a sharp improvement in margin metrics in Q1 even as volumes softened. Group net cash costs were $1.08/lb, down 30% year‑on‑year, helped by a 104% jump in by‑product credits to $1.69/lb; headline cash costs before credits rose to $2.77/lb.
"Our net cash costs during the quarter were 108c/lb at the Group level, including 72c/lb and 34c/lb at Los Pelambres and Centinela respectively, which demonstrates the quality of our portfolio, including our meaningful exposure to gold and molybdenum, " said Iván Arriagada.
Copper output was 143,000 tonnes, an 8% decline driven by lower processing rates and grades at Los Pelambres and Centinela. Gold production rose to 46,500 ounces (+8%) and molybdenum was 3,000 tonnes, supporting by‑product income.
Operationally, Centinela’s Second Concentrator has moved into pre‑commissioning with initial water delivery, while Los Pelambres’ pipeline and desalination expansion continue on schedule.
The group confirmed full‑year copper guidance of 650,000–700,000 tonnes, cash cost guidance of $2.30–2.50/lb (before credits) and net cash cost guidance of $1.15–1.35/lb, and maintained capital expenditure guidance of $3.4bn.
