StockMarketWire.com - Mining giant Antofagasta trimmed its production guidance on adverse weather and lower grades at its Centinela concentrates operation in Chile.

Production in 2022 was expected to be between 660,000 and 690,000 tonnes, down from a prior estimate of 710,000-to-740,000 tonnes, reflecting 'the previously advised production tonnes at risk at Los Pelambres due to the weather, and lower grades at Centinela concentrates,' the company said.

The updated guidance was released alongside third-quarter output results showing a rise in copper and gold output.

Copper production in Q3 2021 was 181,100 tonnes, up 1.5% from the previous quarter, as higher production at Centinela was partly offset by lower throughput at Los Pelambres.

'Our copper production and cost performance during the quarter was in line with our expectations despite external pressures such as the ongoing drought in Chile, the global supply chain challenges, the energy crisis and higher input costs,' the company said.

Gold production for the quarter was 66,800 ounces, 8.8% higher than in the previous quarter.

Molybdenum production in the quarter was 2,600 tonnes, 7.1% lower than the previous quarter on lower grades and recoveries at Centinela.

The construction of the desalination plant at Los Pelambres was on track for completion in H2 2022, the company said.

Despite input cost pressures, the company said it expected its net cash costs were now expected to be lower than our original guidance of $1.25 per pound. Story provided by StockMarketWire.com