Antofagasta (OTC:ANFGF) cut its 2023 production guidance Tuesday and said this year’s output will come in at the lower end of its previous forecast after the collapse of a construction platform at its Los Pelambres desalination plant in Chile.
The company sees FY 2022 copper production at the lower end of its 640K-660K metric tons guidance range, while a delay in completion of the desalination plant is expected to hurt its planned production in 2023 by ~30K tons.
Antofagasta (OTC:ANFGF) said sea conditions have prevented the recovery of equipment lost after severe sea swells overturned a construction platform on the marine works of the Los Pelambres desalination project.
The company said it does not expect a material increase in the total capital cost of the project due to the delayed resumption of the marine works.
Copper prices have been rising this week as the U.S. dollar has dropped off historic highs.