CHILEAN miner Antofagasta yesterday said it was optimistic going into 2023 after navigating higher input costs and an ongoing drought in Chile.

The group, which is listed on the London Stock Exchange, showed signs of recovery towards the end of 2022, with Antofagasta producing 646,200 tonnes of copper at a cash cost of $1.61 per pound. This was in line with the lower end of earlier guidance, despite a 10 per cent drop on last year's copper haul of 721,000 tonnes.

There were signs of recovery in the fourth quarter, however, as group copper production climbed 195,700 tonnes, 7.6 per cent higher than the previous three month trading period.

For 2023, Antofagasta anticipates production of 670,000 to 710,000 tonnes of copper - up from 2022 but still down from 2021's output.

Copper is currently enjoying a sharp resurgence, trading at $4.33 per pound, according to Marketwatch.

The metal is essential to renewable technologies such as wind turbines and EV batteries.

(c) 2023 City A.M., source Newspaper