UPDATE 1-Antofagasta Q3 copper output up 23 pct
Tue Nov 4, 2008 5:24am EST
reuters.com
* Posts 23 percent year-on-year rise in Q3 copper output * Shares up 3.6 percent * Molybdenum output down 24 percent
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LONDON, Nov 4 (Reuters) - London-listed Chilean miner Antofagasta Plc (ANTO.L: Quote, Profile, Research, Stock Buzz) posted a 23 percent year-on-year rise in third-quarter copper output on Tuesday due to higher ore grades.
Antofagasta shares, which have shed 25 percent over the past two months, rose 3.6 percent to 411 pence by 1015 GMT, outperforming a 0.4 percent increase in the UK mining index .
The group said copper production increased to 123,700 tonnes in the three months to the end of September from 100,600 tonnes in the same period last year.
Molybdenum output fell 24 percent to 1,900 tonnes.
Antofagasta said year-to-date copper output was in line with forecasts.
It has previously said copper production was expected to rise 8 percent to around 463,000 tonnes this year, but molybdenum output was due to tumble by a third to 6,800 tonnes.
Group cash costs remained high at 76.4 cent per pound, up from 30.1 cents last year.
The firm posted an 8.8 percent rise in first-half earnings per share as higher copper output and prices outweighed rising costs.
First-half group cash costs more than doubled to 72.2 cents per lb, up from 30.3 cents last year, due to lower by-product credits from molybdenum and higher on-site costs.
A plant upgrade at its key Pelambres mine is due to start up at the beginning of 2010 and the $1.9 billion Esperanza project is expected to launch output at the end of that year. (Reporting by Eric Onstad; Editing by David Holmes) |
