Antofagasta’s 2009 Net Income Falls 61%

10 March 2010 (Last Updated March 10th, 2010 18:30)

Copper producer Antofagasta said its full-year profit for 2009 fell 61% because of lower prices and output. The company's net income dropped to $667.7m, from $1.706.5m in 2008. Antofagasta's output for 2009 declined to 442,500t from 477,700t in 2008, though this is ahead of it

Copper producer Antofagasta said its full-year profit for 2009 fell 61% because of lower prices and output.

The company's net income dropped to $667.7m, from $1.706.5m in 2008.

Antofagasta's output for 2009 declined to 442,500t from 477,700t in 2008, though this is ahead of its expected forecast of 433,000t.

The company said it hopes to increase its copper output by 23% to 543,000t in 2010 after expanding its Los Pelambres mine in Santiago, Chile.

The company said it also plans to further increase copper output to 700,000t in 2011 after the Esperanza project starts production.