Antofagasta beats 2011 copper output targets

Mining giant Antofagasta saw full-year production rise 22.9% to surpass its earlier guidance after a strong end to the year.

Group copper production rose 13.3% in the fourth quarter to 187,000 tonnes, helping full-year production increase to 640,500 tonnes, compared with 521,100 tonnes in 2010. Antofagasta said that the full-year result was due to the start-up of Esperanza and increased throughput at Los Pelambres in Chile.

At the end of the third quarter, the firm said it expected full-year copper production to be between 620,000 and 640,000 tonnes. Copper output is now forecasted to rise to 700,000 tonnes in 2012.

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Meanwhile, 2011 molybdenum rose 12.5% to 9,900 tonnes helped by higher plant throughput as a result of the plant expansion which was completed during 2010. Molybdenum output is expected to rise to 11,000 tonnes this year.

The ramp-up of Esperanza also helped full-year gold production surge from just 35,100 ounces to 196,800 ounces in 2011. Some 280,000 ounces are expected to be produced in 2012.

BC