Antofagasta: Copper production is expected to be 670,000-710,000 tonnes in 2023

With the completion of the Los Pelambres desalination and enrichment plant in Chile, Antofagasta said on Wednesday, the company expects copper production to be between
670,000 tonnes and 710,000 tonnes in 2023.

The Chilean miner also said it produced 181,900 tonnes of copper in the third quarter of this year, up 40.
1% from the previous quarter, as production from its flagship project, Los Pelambres, nearly doubled
due to improved water supply.

"Copper production next year will grow slightly slower than the consensus expectation of 723,000 mt
," Citi analysts said in a note.

Rio Tinto kept its 2022 production forecast unchanged at the low end of 640,000-660,000 tonnes after it lowered its target due to a leak in an underground pipeline carrying concentrate from Los Pelambres, which accounted for 45 percent
of the group's output last year.

The company said it expects capital expenditures for its ongoing and mine development to be around $1 billion
per year in the coming years due to large-scale projects such as the expansion of the Los Pelambres desalination plant and the replacement of concentrate pipelines.

Chile, the world's largest copper producer, is facing an ongoing water crisis due to a historic drought that has lasted more than a decade and has affected mining output
.