Chile-based Antofagasta Minerals (AMSA) highlighted a decrease in its production costs during the first nine months of this year, compared to the same period of 2022.

The company has shared a positive outlook on its copper production for 2024. As announced, the company expects to produce between 670,000 and 710,000 tons of fine copper next year thanks to strategic investments in its Minera Los Pelambres Complementary Infrastructure (INCO) project.

This project includes the construction of a seawater desalination plant, which is essential in a region that has suffered a decade of drought. In addition, work is underway to start up the fourth concentrator line at the same company, which is expected to further contribute to increased production.

As for the third quarter of this year, Antofagasta Minerals experienced a 16% increase in copper production compared to the previous quarter. In the first nine months of 2023, the company produced a total of 469,100 tons of copper, representing a 4% increase compared to the same period in 2022. These achievements are largely due to higher production at Los Pelambres and the good performance of Minera Centinela, two of the Group’s largest operations.

The company has also emphasized growth in its gold and molybdenum production during the third quarter of 2023. Gold production increased by 30.5%, while molybdenum production grew by 33.3% compared to the previous quarter. In addition, net cash cost was reduced by 6% compared to the same period of the previous year, falling to US$1.65 per pound.

As for investments planned for this year, Iván Arriagada, CEO of Antofagasta Minerals, informed that they have increased to US$ 2 billion to finance development initiatives within the Mining Group’s project portfolio.