Anglo Says to Double Copper Output by 2017-Shanghai Metals Market

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Anglo Says to Double Copper Output by 2017

Industry News 08:48:11AM Feb 25, 2010 Source:SMM

SANTIAGO, Feb. 25 -- Global miner Anglo American (AAL.L: Quote) said Monday it expects to nearly double its output to 1.2 million tonnes of copper by 2017.

Anglo's copper business unit Chief Executive Officer John MacKenzie reiterated the company's 2010 output would be similar to the previous year when the London-listed company produced 669,800 tonnes.

The miner declined to reinstate its dividend and instead promised to resume payouts later this year. Anglo's annual profits in 2009 fell less than expected. [ID:nLDE61H1AM]

Anglo American shares fell 0.10 percent to 2455 pence by 1457 GMT.

Benchmark copper for three-month delivery MCU3 on the London Metals Exchange fell more than 1.7 percent to bid at 7,320, shedding some of its impressive gains last week when the metal hit 3-1/2-week highs.

Anglo's mining operations in Chile makes up most of its total output of the red metal used in home building and car manufacturing. The company is moving ahead with plans to expand its 238,400 tonnes of copper-per-year Los Bronces mine and Collahuasi, one of the world's biggest copper mines.


 

Anglo Says to Double Copper Output by 2017

Industry News 08:48:11AM Feb 25, 2010 Source:SMM

SANTIAGO, Feb. 25 -- Global miner Anglo American (AAL.L: Quote) said Monday it expects to nearly double its output to 1.2 million tonnes of copper by 2017.

Anglo's copper business unit Chief Executive Officer John MacKenzie reiterated the company's 2010 output would be similar to the previous year when the London-listed company produced 669,800 tonnes.

The miner declined to reinstate its dividend and instead promised to resume payouts later this year. Anglo's annual profits in 2009 fell less than expected. [ID:nLDE61H1AM]

Anglo American shares fell 0.10 percent to 2455 pence by 1457 GMT.

Benchmark copper for three-month delivery MCU3 on the London Metals Exchange fell more than 1.7 percent to bid at 7,320, shedding some of its impressive gains last week when the metal hit 3-1/2-week highs.

Anglo's mining operations in Chile makes up most of its total output of the red metal used in home building and car manufacturing. The company is moving ahead with plans to expand its 238,400 tonnes of copper-per-year Los Bronces mine and Collahuasi, one of the world's biggest copper mines.