Anglo American has forecasted copper production will increase about 8.5% this year supported by Los Bronces project
14-Nov-2012 La Tercera – News
CEO of the company, Cynthia Carroll, who is visiting Chile to participate in a seminar, met this morning with Minister of Mining, Hernán de Solminihac, Hernán de Solminihac
Total copper production of Anglo American will increase 8.5% in 2012 to reach approximately 650,000 tons due to the good performance of Los Bronces mine in Chile, CEO Cynthia Carroll informed to Reuters last Tuesday.
Anglo American, that produced 599,000 tons of red metal in 2011, will improve its performance in spite of the difficulties the mine has gone through in the start-up of the million-worth Los Bronces Expansion.
Generally, the mining company does not provide production estimates.
“In total we are going to produce about 650,000 tons of copper”, the executive said after meeting with the Minister of Mining in Santiago.
Carroll, first woman and first person coming from outside the company to undertake the highest position in Anglo, resigned in October in the middle of a dispute with shareholders, however she will continue
in the position until the new CEO is appointed.
For Los Bronces project Anglo is associated with the Japanese Mitsubishi, the state-owned Codelco and the also Japanese Mitsui that entered the society this year after a legal dispute derived from an old purchase option.
Los Bronces contributed with 221,800 tons to the total production of Anglo last year.
The company has experienced a series of problems at the copper mine Collahuasi in Chile where they are partners with Xstrata and a group of Japanese companies. Collahuasi’s production
will be stricken this year while an ambitious expansion plan is in the way.
Carroll declined to refer to the Minas Río iron project in Brazil that the company announced last Tuesday would triple its original estimate cost, as well as to the possible sale of a portion of participation in the Amapa project in Brazil as well.
The company shares closed last Tuesday in London with a 3.15% drop.
