Denver — A strong performance by the Los Pelambres copper mine in northern Chile enabled London-based
Earnings for the period jumped to US$138.2 million (or 70 per share), compared with US$15.9 million (8 per share) in 1999.
The 60%-owned Los Pelambres cranked out 298,900 tonnes copper-in-concentrates during the past calendar year, at a cash cost of US35.6 per lb. Antofagasta estimates that the mine contributed US$169.7 million in profits (before taxes) to the company. Throughput has been increased to 106,200 tonnes per day, and for the current year, production is expected to reach 350,000 tonnes copper-in-concentrate at a cash cost of US37 per lb.
Meanwhile, construction is nearly complete at the company’s 61%-owned El Tesoro copper project, also in northern Chile. Heap leaching is expected to begin in March, with the first copper cathodes expected by May.
At full capacity, the solvent extraction-electrowinning operation should contribute 75,000 tonnes of cathode copper per year at a cash cost of US$40 per lb. Capital costs totalled US$295 million. Australia’s Equatorial Mining owns the remaining 39% interest in El Tesoro.
Antofagasta’s other Chilean copper asset, the Michilla mine, is expected to continue operating until at least 2007. Reserves stand at 28.3 million tonnes averaging 1.28% copper.
During 2000, the mine contributed 51,100 tonnes copper cathode, though cash costs reached US59.8 per lb. after the concentrator was closed in February. Both sulphide and oxide ores are being treated by heap leaching.
In all, Antofagasta’s production in 2001 could reach 400,000 tonnes of copper.
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