The copper price jumped higher on Wednesday, rebounding from steep declines, as Antofagasta became the latest miner to cut production guidance in response to inflation, drought and maintenance problems.
London-listed Antofagasta lowered its full-year output target to a range of 640,000 to 660,000 tonnes, from 660,000 to 690,000 previously, blaming a leak in an underground pipeline at its Los Pelambres operation in Chile and continued “uncertainty about water availability”.
The company also flagged an increase in costs because of rising diesel prices and “other input prices”. Shares in Antofagasta fell as much as 1.3 per cent, recovering to trade 0.8 per cent higher on the day at 1,055p.
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