Antofagasta expects 2024 copper output at low end of yearly forecast
Antofagasta produced 284,700 metric tons of copper in the first half, down 3.7% from the same period in 2023.
Aurizon Mines (TSE:ARZ) was down 1.82% today despite announcing a record year for gold production and strong growth prospects.
The Vancouver-based company said it achieved a record 163,845 ounces in 2011 from its Casa Berdi gold mine in Quebec — just under its targetted 165,000 ounces but up 16% from 2010. The mine processed 693,123 tonnes at an average gold grade of 8 grams per tonne, with annual recoveries averaging 91.3%.
Aurizon spent $71 million at Casa Berdi on shaft deepening, equipment, infrastructure and sustaining capital.
It anticipates 2012 gold production to be in the neighbourhood of 155,000 to 160,000 ounces. The gold grade is anticipated to be 7.5 g/t and ore production is expected to be similar to 2011 at 2,000 tonnes per day. Cash costs for the year are expected to be about US$600 per ounce. Aurizon is budgeting $16.7 million this year to deepen the West Mine production shaft a further 285 metres to provide access to three lower zones. Another $24.7 million will be spent on mining equipment replacement, construction of a paste backfill plant and tailings ponds expansion.
“We are very pleased with the improvement in gold production at Casa Berardi in 2011, up 16% from 2010, and setting a record for annual ounces produced for the corporation,” said George Paspalas, President and Chief Executive Officer. “An estimated $210 million in cash at year end, continued strong cash flow from Casa Berardi into the future, and an undrawn $50 million credit facility provide Aurizon with the flexibility to fund capital and exploration projects whilst maintaining a strong financial position.”
