Chilean miner Antofagasta Plc. (LON: ANTO) expects the anticipated global copper deficit to hit between 100,000 and 300,000 tonnes this year as consumption growth remains positive, but production increases are minimal.<\/p>\n
Releasing the company\u2019s annual results<\/a>, chief executive Iv\u00e1n Arriagada also revealed that the first phase of a planned expansion at its flagship Los Pelambres copper mine had been approved, as widely anticipated.<\/p>\n Construction has begun and first production is expected around mid-2021, with capex forecast to be $1.3 billion, which includes $500 million for a 400-litre per second desalination plant and water pipeline that will supply the water requirements of the expansion and, potentially, future ones, Antofagasta said.<\/p>\n Phase 1 of the expansion, the miner added, will increase annual copper production by 40,000 tonnes in the first, reaching 70,000 tonnes towards the end of the first 15 years.<\/p>\n The company, majority-owned by Chile’s Luksic family, said it is planning to expand its Centinela mine by building a new concentrator at an estimated cost of $2.7 billion.<\/p>\n \u201cDuring 2018 the company considered two growth alternatives for Centinela: the construction of a second concentrator, and the expansion of the existing concentrator,\u201d it said.<\/p>\n \u201cFollowing a detailed evaluation of the two alternatives it has been decided to progress the studies on a second concentrator, as this alternative has the best combination of financial returns and risk profile.\u201d<\/p>\n While it\u2019s a more costly option, the new concentrator will help Antofagasta produce an extra 180,000 tonnes of copper per year.<\/p>\n The miner noted it expected to complete a feasibility study on the project in 2020.<\/p>\n In addition, Antofagasta plans to move forward with a feasibility study for the Twin Metals Minnesota project, a copper, nickel and platinum deposit.<\/p>\n Annual copper output rose 3% to 725,300 tonnes of copper and came in at the higher end of Antofagasta\u2019s forecast<\/a>, as its Centinela mine produced better quality ore and higher output.<\/p>\n This was after the company had to cut its 2018 production guidance in October<\/a>, hurt by demand disruptions for the metal, caused by top consumer China’s trade war with the United States.<\/p>\n The miner also declared a bumper dividend for 2018 on the back of record output and asset sales, which sent its shares soaring to a seven-month high.<\/p>\n The post Antofagasta expects copper deficit of up to 300,000 tonnes this year<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The Chilean miner expects demand to outstrip supply in 2019 as consumption growth remains positive, but production increases continue to be minimal.<\/p>\n The post Antofagasta expects copper deficit of up to 300,000 tonnes this year<\/a> appeared first on 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first phase of a planned expansion at Antofagasta\u2019s flagship Los Pelambres copper mine has been approved, with first production expected around mid-2021.<\/q><\/p>\n
Record production<\/strong><\/h3>\n