Antofagasta Plc (ANFGY.PK,ANTO.L) reported that its first quarter Copper production was at 145,900 tonnes, in line with its guidance, and 5.1% higher than a year ago. Gold production was 42,200 ounces, 9.9% higher than last year due to higher grades. Molybdenum production in the quarter was 2,500 tonnes, 500 tonnes higher than in the same period in 2022 on higher grades at Los Pelambres and Centinela.

"The copper market has been strong throughout the quarter, and we expect this to continue as structural supply and demand dynamics support a tight physical market. Controlling our costs in this inflationary environment and mitigating the impact of a stronger Chilean peso continue to be our focus, together with the safety and health of our employees and contractors," Antofagasta CEO, Iván Arriagada said.

Antofagasta Plc said its guidance for the year is unchanged. Group copper production for the full year is expected to be 670-710,000 tonnes, increasing through the year. Capital expenditure guidance is also unchanged at $1.9 billion.

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