Antofagasta output beats expectations on copper
CHILEAN miner Antofagasta said output for the year was slightly ahead of forecasts despite third-quarter copper production falling 11 per cent on lower quality ore at its flagship mine.
In August, the London-listed group raised its full-year copper production forecast to about 447,000 tonnes but this is still 6.4 per cent lower than its output last year.
“As forecast, production (in the third quarter) decreased compared with the same period in 2008 mainly due to lower throughput at Los Pelambres,” Antofagasta said yesterday, adding that there was more hard primary ore its flagship mine.
“Cumulative production in the first nine months of the year was slightly ahead of budget at 328,100 tonnes,” it said.
Citigroup said in a note that production was largely in line with its forecast but advised investors to wait for share price declines as a cheaper re-entry point.