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Chilean mining company Antofagasta chief said on Tuesday that it expects its copper production to reach 900,000 tonnes by 2026, about 20 percent higher than it currently does, with growth mainly coming from exploration and possible targeted acquisitions
.
CEO Ivan Arriagada told investors during the annual Capital Markets Day that copper production could reach about 900,000 tonnes
by 2026 if the board approves a second concentrator at its Centinela mine in Chile by the end of 2022.
The copper miner's first-half earnings surged to a record $2.
4 billion, and the company has lowered its copper production forecast for this year to between
71-740,000 tonnes as its Chilean operations in 2021 were affected by weather, repeated outbreaks and other factors.
Citi analysts said production growth was in line with expectations
.
Antofagasta, which mines copper in Chile, Peru, the United States and Canada, "is currently looking for M&A opportunities for early-stage copper projects, particularly in South America
.
" ”
The London-listed mining company, which is majority-owned by Chile's Luksic family, has most of its assets in Chile, where structural changes
have taken place since the country is in the midst of its first round of presidential election two years ago amid widespread protests over inequality.
The lower house of the Chilean Congress voted in May in favor of a royalty bill for the payment of social projects during the covid-19 pandemic, in which the taxes involved will gradually increase
as copper prices rise.
Copper prices broke records earlier this year, while Chile, which accounts for nearly 30% of the world's total, largely maintained production levels
even during the worst of the pandemic.
Copper is a metal that is essential
in construction and electric vehicle manufacturing.
Shares of Antofagasta closed down 0.
3 percent on Tuesday, underperforming most of its peers
.
Chilean mining company Antofagasta chief said on Tuesday that it expects its copper production to reach 900,000 tonnes by 2026, about 20 percent higher than it currently does, with growth mainly coming from exploration and possible targeted acquisitions
.
CEO Ivan Arriagada told investors during the annual Capital Markets Day that copper production could reach about 900,000 tonnes
by 2026 if the board approves a second concentrator at its Centinela mine in Chile by the end of 2022.
The copper miner's first-half earnings surged to a record $2.
4 billion, and the company has lowered its copper production forecast for this year to between
71-740,000 tonnes as its Chilean operations in 2021 were affected by weather, repeated outbreaks and other factors.
Citi analysts said production growth was in line with expectations
.
Antofagasta, which mines copper in Chile, Peru, the United States and Canada, "is currently looking for M&A opportunities for early-stage copper projects, particularly in South America
.
" ”
The London-listed mining company, which is majority-owned by Chile's Luksic family, has most of its assets in Chile, where structural changes
have taken place since the country is in the midst of its first round of presidential election two years ago amid widespread protests over inequality.
The lower house of the Chilean Congress voted in May in favor of a royalty bill for the payment of social projects during the covid-19 pandemic, in which the taxes involved will gradually increase
as copper prices rise.
Copper prices broke records earlier this year, while Chile, which accounts for nearly 30% of the world's total, largely maintained production levels
even during the worst of the pandemic.
Copper is a metal that is essential
in construction and electric vehicle manufacturing.
Shares of Antofagasta closed down 0.
3 percent on Tuesday, underperforming most of its peers
.
