Chilean copper miner Antofagasta has announced that 2009 net earnings decreased 60.9% to $667.7 million on revenue down 12.2% to $2.96 billion, mainly due to lower copper volumes and lower market prices for molybdenum offsetting higher copper prices.
Copper production was 442,500 tonnes for 2009, down from 477,700 tonnes recorded in 2008, but ahead of the firm's 433,000-tonne forecast. The production decrease was mainly due to lower plant throughput at Los Pelambres.
Antofagasta said that the recent earthquake in Chile is not expected to have a material effect on existing operations but the commissioning of the Los Pelambres plant expansion is now expected to be completed during the second quarter of this year and the commissioning of its Esperanza plant is now expected to start later in the fourth quarter. The firm's 2010 production forecast is unchanged.
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