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Antofagasta gold production rockets in Q4

January 20, 2021

 

The Antofagasta (ANTO:LSE) share price has risen has pushed 0.63% higher in London trading hours as the market has looked kindly on its latest Q4 update.

 

The firm said their copper production for the full year was 733,900 tonnes, in line with guidance and 4.7% lower than the record production in 2019. The drop was mainly on expected lower grades at Centinela Concentrates. Having said that, copper production in Q4 2020 was 192,600 tonnes, 13.6% higher than in the previous quarter on higher throughput at all operations.The highlight in the report is the gold production. For the last quarter, the firm produced 54,700 ounces, 42.8% higher than in the previous quarter. Full-year production was above guidance at 204,100 ounces, 27.7% less than in 2019, on expected lower grades at Centinela

 

Elsewhere, molybdenum production in the quarter was 3,700 tonnes, 8.8% higher than the previous quarter. For the full year, production was 12,600 tonnes, 8.6% higher than in 2019 and within guidance.Antofagasta plc CEO, Iván Arriagada said "We expect another solid performance in 2021 with copper production of 730-760,000 tonnes at a net cash cost of $1.25/lb as ore grades increase at Centinela Concentrates and operating efficiency at our mines remains high.".

 

The firm has clearly had a good 12 months for so looking at the daily share price chart below. Now, there is a support level at the purple line near 1464 but the bulls will be looking to break the previous wave high at the red line at 1616.5. If the resistance breaks they the uptrend is firmly back on.

 

Source: https://www.kitco.com/news/2021-01-2