Antofagasta exceeds expectations

Denver — Improvements in the grinding circuit have resulted in higher processing rates at the Los Pelambres copper mine in northern Chile.

The open-pit mine, 60% held by Antofagasta, beat production forecasts with 298,900 tonnes of copper in its first full year of operation. Cash costs averaged US35.6 per lb.

The London-based company believes it can maintain fourth-quarter throughput levels during 2001.

Los Pelambres began operations in November 1999 and made its first shipments in January 2000.

At the Michilla copper mine, also in Chile, Antofagasta produced 12,900 tonnes of copper in the fourth quarter and 51,100 tonnes for the year. Cash costs grew to US60.3 per lb. in the last three months of 2000. For the year, costs were US59.8 per lb., up from US55.4 in 1999.

Meanwhile, construction of the 61%-held El Tesoro copper mine is nearly finished. Prestripping began in December 2000, and the first cathode is sheduled to be produced in May 2001. At full production, the US$300-million operation would contribute 75,000 tonnes of copper per year.

On the exploration front, Antofagasta expects to spend US$2.9 million exploring the Magistral copper skarn in northern Peru in 2001. The company has acquired a 30% interest in the prospect from Vancouver’s Inca Pacific Resources (IP-V). Antofagasta can increase its stake to 51% by completing a prefeasibility study.

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