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Wednesday, February 16, 2011

World's top copper mine, Chile's Escondida fell

Output from the world's top copper mine, Chile's Escondida, fell slightly in 2010 on lower production of copper cathodes, but the pace of output declines at the deposit slowed following two years of sharp falls.

Escondida, which is majority owned by global miner BHP Billiton, said in a statement to the local market regulator that it produced 1.09 million tonnes of copper in 2010, compared with 1.1 million tonnes in 2009.
The 1.4 percent fall in output in 2010, which points to steadier output, was due to maintenance and work to improve security that temporarily halted its electrowinning plants.

The mine's annual output dwindled sharply in 2008 and 2009, after reaching an all-time peak of 1.48 million tonnes in 2007, due to disruptions and deteriorating ore quality.

Cash costs to produce copper rose to 93 cents a pound in 2010 from 83 cents in 2009.
BHP has a 57.5 percent stake in the mine, while Rio Tinto, owns 30 percent. JECO Corp, a consortium formed by Mitsubishi Corp, owns 10 percent and the World Bank holds the remainder.

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