CORRECT: Antofagasta Copper Output Up 22.3%; Reaffirms Full Year Target

Aug 03, 2011 (Dow Jones Commodities News via Comtex) -- In "Antofagasta Copper Output Up 22.3%; Reaffirms Full Year Target," published at 5:12 EDT, the day of the week was incorrect in the first paragraph. A corrected version follows:

By Alex MacDonald

Of DOW JONES NEWSWIRES

LONDON (Dow Jones)--London-listed Chilean miner Antofagasta PLC (ANTO.LN) Wednesday said its second quarter copper output rose 22.3% from the first quarter and reaffirmed its full year copper output target.

The FTSE 100 miner reaffirmed that it now expects to produce between 620,000 tons and 640,000 tons of copper in 2011 following the delayed ramp up of its Esperanza mine.

Antofagasta had previously expected to produce 715,000 tons of copper in 2011, up from 521,100 tons in 2010.

Main Facts
- Second quarter copper output up 22.3% on quarter at 158,700 tons.

- First half copper output was up 14.1% on year at 288,500 tons.

- Full year copper output estimated at between 620,000 and 640,000 tons.

- Second quarter molybdenum output up 13% on quarter at 2,600 tons.

- Second quarter gold output 48,600 ounces versus 22,100 in first quarter, mainly due to the ramp-up of Esperanza.

- Second quarter group cash costs, net of by-product credits, fell 3.7% on quarter to $1.038 a pound.

- The drop was due to reduced costs at Esperanza reflecting the progress of the ramp-up, decreased unit costs at El Tesoro, and increased output at Los Pelambres where costs are below the group's weighted average.

- Second quarter weighted average cash costs before by-product credits rose 2.3% on quarter to $1.594/lb.

- First half cash costs, net of by-product credits, rose 15.4% on year at $1.056/lb, mainly due to higher costs at Los Pelambres and El Tesoro as well as the impact of the start of the ramp-up at Esperanza.

- LME copper price in the second quarter averaged $4.145/lb, down 5.3% on the quarter. LME copper price in the first half averaged $4.263/lb, up 32% on the year.

- On June 3 Antofagasta signed a memorandum of understanding with Avrupa Minerals Ltd to explore for copper-zinc sulphide deposits in Portugal.

- On July 6 Antofgasta signed a three-year strategic exploration alliance with Riverside Resources to explore for copper in the copper belts of British Columbia, Canada. Antofagasta has committed C$1.8 million to fund exploration work over a three-year period.

- Antofagasta's shares were up 11 pence or 0.9% at 1227 pence a share at 0905 GMT.