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Antofagasta’s copper production in H1 2015 down; full year guidance reduced

Antofagasta’s copper production in H1 2015 was 303.4 kt, almost 13% lower than the same period in 2014 primarily due to lower grades (expected) and lower throughput at the Los Pelambres mine, Chile, where the company lost 8 kt of copper production in Q1 2015 as a result of disruption caused by protestors. At the company’s other main mine, Centinela, Chile, concentrate production was down 5% as a result of planned maintenance and unusually heavy rains. The rains also delayed commissioning of the secondary and tertiary crushers, which are being installed to increase production in 2016.

Centinela also produces copper cathodes and production here in H1 2015 was down 13% yoy as mining moved to lower grade areas of the pits.

Elsewhere, production at Michilla fell as the mine enters the final phases of closure.

At its development project, Antucoya, commissioning was delayed by crusher problems and first production is now only expected in Q3 this year.

Copper sales for H1 were 290.1 kt (H1 2014: 343.4 kt) as bad weather delayed concentrate shipments during Q2.

Mainly as a result of the production delay at Antucoya, the company has lowered its production guidance for the year to 665 kt (previously 710 kt).

Antofagasta’s copper production in H1 2015 down; full year guidance reduced: ANTO

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