Antofagasta takes a hit on lower output, higher cost outlook

London-listed and Chile-focused base metals miner Antofagasta has reported lower-than expected copper output for the fourth quarter, as lower output at Centinela offset higher production at Los Pelambres and the ramp-up of the Encuentro Oxides project. For the three months to December 31, Antofagasta produced 177 800 t of copper – 1.3% less than in the prior quarter. For the full 2017, Antofagasta produced 704 300 t of red metal, which was in line with guidance and 0.7% lower than in 2016.