By Jaime Llinares Taboada

 

Antofagasta PLC on Wednesday downgraded 2022 production and cost guidance after an issue at its Los Pelambres project caused copper output to fall 6.5% in the second quarter.

The Chilean copper miner cut full-year production to 640,000-660,000 metric tons, down from its latest guidance of the bottom end of the 660,000-690,000 tons range--revised weeks after the issue at Los Pelambres was identified.

On May 31, Antofagasta detected a leak in the underground pipeline that transports concentrate from its Los Pelambres concentrator plant to the port.

In addition, the company on Wednesday raised 2022 net cash cost guidance to $1.65 a pound from $1.55, reflecting inflation in diesel and other input prices.

For the second quarter, the group reported copper production of 129,800 tons, down from 138,800 tons in the first quarter. Net cash costs a pound jumped to $1.90 from $1.75 in the period.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

July 20, 2022 02:37 ET (06:37 GMT)

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