UPDATE: Chile August Copper Output 459,823 Tons, +7.8% On Year
September 30 2009 - 10:34AM
Dow Jones News
Chilean copper output grew 7.8% in August to 459,823 metric tons
from the 426,689 tons produced in the same month of 2008, the
government statistics agency reported Wednesday.
January-August output, however, dropped 2.3% to 3,475,933 tons
from 3,558,743 tons during the first eight months of last year. In
2008, Chile produced 5,364,159 tons, a 4.2% drop from the previous
year.
The INE, as the statistics institute is known, said mining
companies with more than 400 workers post a 10.1% increase in
copper output and cited BHP Billiton Ltd.'s (BHP) Escondida mine
and Xtrata PLC (XTA.LN) and Anglo American PLC (AAUK) joint-venture
Collahuasi mine as well as state copper giant Corporacion Nacional
del Cobre, or Codelco, as contributing to the output increase.
Production of copper contained in concentrates in August was
196,888 tons, up 1.5% from concentrate output in August 2008, the
INE said.
Copper cathode production, meanwhile, rose 7.8% on the year to
234,796 tons, the INE said. Copper cathodes have a higher added
value than concentrates, as the latter must be smelted or refined
to get a purer form of the metal. The country also produces other
forms of copper, such as blister, but in very small amounts.
Chile is the world's largest copper producer, accounting for
some 35% of global output. It also is one of the leading
molybdenum, iodine, lithium, gold and silver producers. The mining
industry represents about 17% of the country's gross domestic
product, according to state copper commission Cochilco's most
recent data.
The country's molybdenum output in August totaled 3,164 tons, a
27% increase from the 2,495 tons it produced in August 2008.
January-August production grew 2.5% to 22,710 tons from 12,155 tons
in the first eight months of 2008.
The INE reported that gold production climbed 15.6% on the year
to 3,387 kilograms, and silver production increased 8.4% to 109,566
kilograms. Both precious metals are often found as byproducts at
many Chilean copper mining operations.
INE's July metallic mining index surged 8.3% on the year, while
its nonmetallic mining index inched up 0.7%.
INE Web site: http://www.ine.cl
-By Carolina Pica, Dow Jones Newswires; 56-2-820-4244;
carolina.pica@dowjones.com