Antofagasta H1 copper production up 7.1%

Chilean copper miner Antofagasta said first half production rose 7.1% year on year.

Gold production during the quarter increased by 10.5% to 58,900 ounces and for the first six months by 2.5% due to improving grades at its Centinela mine.

Copper production for 2017 was expected to be between 685,000 and 720,000 tonnes, unchanged from the beginning of the year, with higher production during the second half of the year, the company said in a statement.

The company said full year cost forecasts were unchanged, with cash costs before credits for by-products expected to be $1.55 per pound and net cash costs of $1.30 per pound.

Chief executive Ivan Arriagada said the company had continued its focus on improving efficiencies and savings.

"This has resulted in a net cash cost of $1.20/lb for the second quarter of 2017, down more than 5% on the previous quarter," he said.

"Production and costs remain in-line with our expectations and our guidance for the year is unchanged."