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Chile's Antofagasta aims to cut costs by $380 mln thru 2016- media

Reuters - UK Focus

SANTIAGO, Dec (Shanghai: 600875.SS - news) 4 (Reuters) - Chilean copper miner Antofagasta (LSE: ANTO.L - news) Minerals plans to cut costs by $380 million between 2015 and 2016 to face a steep downturn in metals prices, said its chief executive, Ivan Arriagada.

The company, the operational division of London-listed miner Antofagasta (Other OTC: ANFGY - news) , cut its 2015 copper output forecast for the third time in October and said it was reducing its workforce by about 7 percent.

"Our goal is to reach a cost reduction of $230 million this year, representing between 8 percent and 9 percent of the cost structure of our operations," Arriagada told daily La Tercera in an interview published on Friday.

Antofagasta Minerals then aims to cut costs by an additional $150 million in 2016, he added.

Arriagada told Reuters on Nov. 20 it would try to reduce costs next year, but that lower ore grades limited its room to maneuver. (Reporting by Anthony Esposito; Editing by Chizu Nomiyama)