Antofagasta 1Q Copper Output Up 5.2%; '10 Target Unchanged

May 05, 2010, LONDON (Dow Jones)--Chilean miner Antofagasta PLC Wednesday said its first-quarter copper production rose 5.2% from the previous year and maintained its full-year output target despite slight delays at expansion projects.

Copper production was 117,700 metric tons for the three months to March 31, compared with 111,900 tons in the same period a year earlier, the company said.

Full-year copper production is expected to be about 543,000 tons, up from 442,500 tons in 2009.

Cash costs for the quarter fell 2.9% to 94.7 cents per pound on higher prices for molybdenum, a byproduct of copper production.

First-quarter molybdenum production was 1,800 tons compared with 1,700 tons a year earlier.

Antofagasta operates three copper mines in Chile. It also has transport and water divisions.

At 0906 GMT, the company's shares were up 10 pence, or 1.1%, at 909 pence, roughly in line with a broadly stronger mining sector.