Antofagasta ups copper output as prices climb

3rd Nov 2010 11:06

Chile-focused copper miner Antofagasta ramped up production in the third quarter, leaving it well placed to benefit from higher prices for the red metal.It mined 140,700 tonnes of copper during the three month period, up from 135,200 in the second quarter, mainly benefiting from plant expansion at its Los Pelambres mine 125 miles north of Chile's capital Santiago.Meanwhile, the ramp up of its Esperanza mine is expected to begin this month.Copper prices at the London Metals Exchange (LME) averaged $3.29 (£2.04) a pound during the third quarter, up from $3.18 in the second quarter, though will differ from the prices Antofagasta achieves due to previous agreements. Costs during the third quarter climbed to $109 from $0.89 in the second quarter due to maintenance at Los Pelambres and other factors.