British miner Antofagasta announced higher-than-expected copper production in H1 2020 and affirmed its production guidance for the year at 725-755,000mt.
The company operates part of the Los Pelambres copper mine in Chile, which produced 371,700mt of the metal in H1— a 4pc decline from the first six months of 2019. Antofagasta is also currently developing its share of the Zaldivar mine in the Andean Precordillera region in northern Chile.
Antofagasta reported sales of 346,800mt in the first half of the year, declining by 2.2pc from 354,500mt during H1 2019.
The company’s revenue in H1 2020 declined by 15.3pc to $2.13bn from 2.53bn during the first six months of 2019. Antofagasta’s EBITDA profit declined by 22.4 pc during the same period to $1bn from $1.3bn.