Quarterly Production Report Q4 2011
1 Feb, 2012
Highlights
· Group copper production was 187,000 tonnes in Q4, a 13.3% increase compared with the previous quarter, mainly due to increased production at Esperanza and Los Pelambres. Copper production in the full year 2011 was 640,500 tonnes, a 22.9% increase compared with 521,100 tonnes in 2010, as a result of the start-up of Esperanza and the increased throughput at Los Pelambres.
· Molybdenum production at Los Pelambres was 2,600 tonnes in Q4 and 9,900 tonnes in 2011, 12.5% above 2010 full year production, mainly due to the higher plant throughput as a result of the plant expansion which was completed during 2010.
· Gold production was 71,800 ounces in Q4, compared with 54,300 ounces in the previous quarter, mainly due to the ramp-up of Esperanza. Gold production in 2011 was 196,800 ounces, compared with 35,100 ounces in 2010 reflecting the start-up of Esperanza in 2011.
· Group cash costs (net of by-product credits) for 2011 were 101.9 cents per pound compared with 104.0 cents per pound in 2010, mainly due to the impact of the start-up of Esperanza where net costs were below the Group's weighted average.
· Group production in 2012 is expected to be approximately 700,000 tonnes of copper, 280,000 ounces of gold and 11,000 tonnes of molybdenum. Group cash costs in 2012 are expected to be approximately 105 cents per pound (net of by-product credits) and 165 cents per pound before by-products credits.
