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Premarket London: Antofagasta Sees Modest Hit From Chile Riots

Investing.com

Investing.com -- Here's a summary of regulatory news from the London Stock Exchange on Wednesday, 23rd October. Please refresh for updates.

Antofagasta (LON:ANTO) said recent civil unrest in Chile could potentially cut production by 5,000 tons, due to disruptions to the delivery of supplies and problems transporting employees and contractors to its mines.

Anto also said 3Q copper production was 197,000 tons, down 0.8% from three months earlier, while net cash costs were $1.12 a pound, down 1.8%. Gold production was 77,600 ounces, down 11% from 2Q due to lower ore grades.

The company maintained its guidance for full-year output of 750k-790k ounces of copper. It said next year’s output will drop to 725k-755k ounces due to lower grades at Centinela, before rising again in 2021.

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Rio Tinto (LON:RIO) said it will review it 79% interest in the Tiwai Point aluminum smelter in New Zealand, which it said is suffering from high energy costs and global overcapacity. Options include closure. It will make its decision in the first quarter of next year. The plant's other shareholder is Sumitomo Chemical.

Precious metals miner Fresnillo (LON:FRES) said its third-quarter gold output fell 6.9% on the year to 210,000 ounces, while silver output fell 7.9% to 13.3 million ounces, both as a result of lower ore grades. It said full-year output of gold and silver is now likely to be at the lower end of the guided ranges of 55-58 million ounces of silver and 880,000-910,000 ounces of gold.

Gold production in the final quarter should increase as a result of another leaching pad at the Herradura mine coming online. Higher grades at the Saucito and Fresnillo mines are expected to result in higher overall fourth-quarter silver production.

Fresnillo also said the construction of its next major mine Juanicipio is on track for commissioning in the second half of next year.

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