Quarterly Production Report Q2 2012
Highlights
- Group copper production was 173,200 tonnes in Q2 2012 and 336,000 tonnes in H1 2012, a 6.3% increase compared with the previous quarter and a 16.5% increase compared to H1 2011. This was mainly due to increased production at Esperanza as a result of higher throughput levels following the start of operations in 2011.
- Copper production for the 2012 full year is still expected to be approximately 700,000 tonnes.
- Gold production was 72,600 ounces in Q2 2012 and 136,100 ounces in H1 2012 compared with 63,500 ounces in the previous quarter and 70,700 ounces in H1 2011 reflecting the higher throughput at Esperanza explained above.
- Molybdenum production at Los Pelambres was 3,400 tonnes in Q2 2012 and 6,500 tonnes in the first half of 2012. The 35.4% increase in production in H1 2012 compared to H1 2011 reflects higher ore grades.
- Group cash costs (net of by-product credits) in Q2 were 99.3 cents per pound, broadly in line with the previous quarter's costs of 98.1 cents per pound. Cash costs excluding by-product credits decreased to 158.2 cents per pound in Q2 2012 compared with 163.6 cents per pound in the previous quarter mainly reflecting the impact of higher production on unit costs at Los Pelambres and Esperanza partly offset by expected higher costs at El Tesoro.This was offset by lower by-product credits.
- Group cash costs (net of by-product credits) in the first half of 2012 were 98.9 cents per pound, a 6.7 cent per pound decrease compared with 105.6 cents per pound in the first half of 2011. This decrease mainly reflected an increase in by-product credits as a result of the higher gold production at Esperanza as well as to a lesser extent increased molybdenum production at Los Pelambres.
- Closing of the agreement with Marubeni for its 30% interest in the Antucoya project was achieved on 31 July 2012. As of 30 June 2012 the overall project progress was 12% complete and the main EPC contracts had been executed.
