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Share price wobbles as mining volumes tumble at Antofagasta
ANTOFAGASTA’S share price fell four per cent to 861.2p yesterday on mixed results from the mining company.
Copper volumes fell 3.4 per cent during the third quarter to 30 September in line with expectations, with Antofagasta producing 174,200 tonnes during the quarter.
“We remain positive on Antofagasta as a quality copper play with a healthy profit margin,” said Westhouse Securities analyst Nick Hatch.
Gold dropped off even further, falling 11.7 per cent to 67,700 tonnes, due to an expected fall caused by a stoppage at the firm’s higher grade Mirador pit.
“Overall, a slightly better than forecast third quarter, both in terms of production and costs, which will need to be reflected in our full-year forecasts,” Hatch added.