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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
