Oct 24, 2012 (Dow Jones) LIMA, Peru--Southern Copper Corp. (SCCO), one of the world's biggest producers of the base metal, said Wednesday that it expects to increase copper output in 2013 to about 670,000 tons.
Southern Copper's head of investor relations, Raul Jacob, said during a conference call that the company is still finalizing its production forecast for 2013.
Mr. Jacob said the company is on track to meet its 2012 production forecast of 640,000 tons of copper. About 2.5% of that production will be from third-party concentrates, Mr. Jacob said.
"For next year, we're expecting a little bit better production than what we have forecast for 2012," he added. "We have a forecast that is under review of about 670,000 tons."
Southern Copper Chief Executive Oscar Gonzalez Rocha said recently that copper production from the company's Peru operations is expected to decrease slightly in 2013 due to lower ore grades at its Toquepala mine. The company also has mines in Mexico.
In the first nine months of 2012, the company's copper mine production totaled 486,712 tons, up 11.2% from the same period last year.
Southern Copper is advancing a number of expansion projects at its operations. Southern Copper's capital expenditures during the January to September period totaled $665.9 million.
Mr. Jacob said that the company expects capital expenditures for full-year 2012 to total about $1 billion. In 2013, Southern Copper's capital expenditures are expected to rise to $1.9 billion, while in 2014 are seen at $2.1 billion, Mr. Jacob said.
Grupo Mexico SAB de CV (GMEXICO.MX) has a controlling stake in Southern Copper, which also operates smelting and refining facilities.