MARC ELLIOTT | INVESTEC
Antofagasta’s strong quarterly production report reflects record output of copper, which beat our expectations and previous guidance from management. Relatively stable production guidance for 2014 implies that performance will improve, offsetting declining grades.
NICK HATCH | WESTHOUSE SECURITIES
2013 production exceeded guidance and costs were lower than guidance. This was also the trend against our estimates, apart from gold production, where we had been more bullish. For 2014, guidance for copper is a fraction below our estimate and gold guidance is well above our estimate.
PETER MALLIN-JONES | CANACCORD GENUITY
Production and cash costs in the fourth quarter beat our forecasts, driven by stronger ore output and slightly higher grades at the Los Pelambres and Esperanza mines than we had expected. The improved ore output also drove stronger by-product production at both operations.