Antofagasta Expects Higher Costs in 2022; 2021 Output in Line With Guidance

By Jaime Llinares Taboada

Antofagasta PLC on Wednesday warned that its operational costs will jump this year, and reported that production for 2021 was in line with its guidance.

The Chile-based copper-mining company forecast net cash costs of $1.55 a pound for 2022. This would be up from $1.20 a pound last year, reflecting lower production and increased input costs, especially sulphuric acid.

In addition, Antofagasta reaffirmed production guidance of 660,000-690,000 metric tons for 2022, and anticipated capital expenditure of between $1.7 billion and $1.9 billion.

The FTSE 100 company also reported copper production fell 1.7% in 2021, to 721,500 tons. This was in line with its previous guidance of 710,000-740,000 tons.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

January 19, 2022 02:36 ET (07:36 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.