Chile-focused Antofagasta's Q4'20 copper output, sales up YOY

Antofagasta PLC's copper production in the fourth quarter of 2020 increased year over year to 192,600 tonnes from 185,500 tonnes as sales rose to 202,200 tonnes from 193,800 tonnes.

Full-year 2020 copper production totaled 733,900 tonnes, hitting the annual guidance but down 4.7% from a record copper production of 770,000 tonnes in 2019 due to lower grades at the Centinela Concentrates operation in Chile. Copper sales slipped 4.4% to 738,500 tonnes.

Antofagasta's gold output in the fourth quarter of 2020 slid year over year to 54,700 ounces from 55,600 ounces, while full-year 2020 production dropped 27.7% to 204,100 ounces.

Molybdenum output in the final quarter of 2020 jumped to 3,700 tonnes from 2,300 tonnes, sparking an 8.6% increase in annual output to 12,600 tonnes.

In 2021, Antofagasta expects to produce 730,000 to 760,000 tonnes of copper, 240,000 to 260,000 ounces of gold and 9,500 to 11,000 tonnes of molybdenum.

The company estimated a 2021 capital expenditure budget of $1.6 billion as its spending on growth projects rises following a suspension in 2020 that deferred about $200 million of capex into 2021 and led to higher costs at the Los Pelambres expansion project in Chile, which was 45% complete as of Dec. 31, 2020.