Antofagasta trims cost guidance for 2015 on lower peso and oil prices
Chilean copper miner Antofagasta has guided to lower-than-expected cash costs in 2015.
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The company said on Monday that following an internal review, cash costs for this year will be lower than previously guided due to certain input costs becoming more “favourable”, such as a weaker Chilean peso and lower oil prices.
The miner expected net cash costs for 2015 to average $1.40 a pound, around 10 cents per pound lower than previous guidance and in line with last year.
"Antofagasta has a tradition of carefully setting guidance for the year, and we work hard to achieve that guidance,” said chief executive Diego Hernandez.
“The guidance we provided previously was based on assumptions we made several months ago, but in light of the current outlook for the peso and the oil price we have decided to rebase our assumptions for 2015."
Antofagasta maintained its guidance to produce 710,000 tonnes of copper this year, 250,000 ounces of gold and 8,000 tonnes of molybdenum.