Esperanza ramp-up boosts Antofagasta as output soars

City A.M. Reporter
THE RAMP-UP of production at Chilean mine Esperanza boosted Antofagasta earnings by 13 per cent over the nine months to September, it said yesterday.

Esperanza, which began operations in 2011, was the main driver behind a 13.7 per cent jump in copper output over the period to 515,800 tonnes. Copper output from Esperanza jumped to 113,700 tonnes over the nine months.

Meanwhile, gold production came in at 213,500 ounces over the period, again flattered by the young mine’s rising output.

Earnings over the nine months stood at $2.8bn (£1.8bn), up from $2.5bn last year, while revenue jumped 16.3 per cent to $4.9bn.

In August, Antofagasta reported a 7.6 per cent drop in first half profits, as falling copper prices and higher production costs weighed on results.