Antofagasta 2022 copper output down 10%, 2023 guidance unchanged

Chilean miner Antofagasta on Wednesday reported a 10.4% fall in 2022 copper output, as lower ore grades and a drought in Chile continued to hurt production.

The London-listed company said it produced 646,200 tonnes of copper last year, at the lower end of its outlook of 640 000 t to 660 000 t.

"The recent strength in the copper market is a positive start to the year, reflecting not just the relaxation of Covid restrictions in China and its expected stronger growth, but also the fundamental long-term importance of copper and the need for increased supply," said CEO Iván Arriagada in a statement.