Antofagasta PLC
Quarterly Production Report Q4 2012
30 January, 2013
Group copper production in 2012 was 709,600 tonnes, a 10.8% increase compared with 640,500 tonnes in 2011, mainly due to higher production at Esperanza as a result of increased throughput levels. Copper production was 193,800 tonnes in Q4, a 7.8% increase compared with the previous quarter, mainly due to increased production at Los Pelambres and Esperanza.
Gold production was 299,900 ounces in 2012 compared with 196,800 ounces in the 2011 full year reflecting the higher throughput at Esperanza.
Molybdenum production at Los Pelambres was 12,200 tonnes in the 2012 full year compared with 9,900 tonnes in 2011 reflecting the particularly high molybdenum grades in the current year.
Group cash costs (net of by-product credits) for the full year 2012 were 103.0 cents per pound, in line with the previous year of 101.9 cents per pound.
Group cash costs (net of by-product credits) in Q4 were 113.5 cents per pound compared with 99.3 cents per pound in Q3, mainly due to higher on-site and shipping costs at Esperanza which were in line with previously announced forecasts.
Group production in 2013 is expected to be approximately 700,000 tonnes of copper, 260,000 ounces of gold and 8,000 tonnes of molybdenum. Group cash costs in 2013 are expected to be approximately 140 cents per pound (net of by-product credits) and 185 cents per pound before by-product credits, reflecting higher on-site costs at Esperanza and Los Pelambres.
As previously announced on 21 December 2012, Minera Antucoya decided to temporarily suspend development of the Antucoya project so as to enable Minera Antucoya to undertake a full review of the project given existing and potential levels of cost escalation. This review remains in progress.
