Xstrata and Antofagasta suffer

City A.M. Reporter
ANGLO-SWISS miner Xstrata reported a six per cent decline in copper output in the first-quarter due to severe weather conditions at its Collahuasi mine in Chile and lower grades at its Alumbrera copper and gold mine in Argentina.

Overall, the firm said adverse weather conditions including flooding in Queensland and Western Australia, tropical cyclone Yasi and heavy rainfall in South Africa, Colombia and other parts of South America impacted production during the period.

Consolidated coal production grew three per cent, mainly due to increased thermal coal volumes from Australia.

Meanwhile, rival Antofagasta said first-quarter copper production was 29,000 tonnes below initial targets.

The Chilean miner also cut full-year targets at its flagship Los Pelambres mine, where copper output was about 12,000 tonnes below forecast. Antofagasta, the world’s 11th-largest copper producer, cut its full-year output target at Los Pelambres by 12,000 tonnes to 407,000 tonnes.