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Antofagasta output falls in third quarter

Reuters - UK Focus

LONDON, Oct 29 (Reuters) - Chilean copper miner Antofagasta (LSE: ANTO.L - news) posted a 5 percent fall in third-quarter output from the previous three months because of production stoppages at its Los Pelambres and Centinela operations.

The London-listed miner, which like others in the copper sector is battling falling ore grades and rising costs, produced 169,200 tonnes of copper in the third quarter, down from 178,800 in the previous three-month period.

Cash cost before by-product credits was down 2.6 percent quarter on quarter to $1.85 per pound. The decrease was mainly due to lower energy costs at Los Pelambres.

The miner, controlled by Chile's Luksic family, said it was on track to hit its target of 700,000 tonnes of copper and 270,000 ounces of gold this year with net cash costs of $1.45 per pound. (Reporting by Silvia Antonioli; Editing by David Goodman)