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UPDATE 1-Anglo sees copper output at 1.2 mln T by 2014
February 22, 2010 / 3:19 PM / in 8 years

UPDATE 1-Anglo sees copper output at 1.2 mln T by 2014

* Expects 2010 output similar to prior year

* Forecasts higher output by 2014 (Adds executive’s comment, share price and details)

SANTIAGO, Feb 22 (Reuters) - Global miner Anglo American (AAL.L) said Monday it expects its total copper output to reach 1.2 million tonnes by 2014.

Anglo’s copper business unit Chief Executive Officer John MacKenzie reiterated the company’s 2010 output would be similar to the previous year when the London-listed company produced 669,800 tonnes.

The miner declined to reinstate its dividend and instead promised to resume payouts later this year. Anglo’s annual profits in 2009 fell less than expected. [ID:nLDE61H1AM]

Anglo American shares fell 0.10 percent to 2455 pence by 1457 GMT.

Benchmark copper for three-month delivery MCU3 on the London Metals Exchange fell more than 1.7 percent to bid at 7,320, shedding some of its impressive gains last week when the metal hit 3-1/2-week highs. [ID:nLDE61L10L]

Anglo’s mining operations in Chile makes up most of its total output of the red metal used in home building and car manufacturing. The company is moving ahead with plans to expand its 238,400 tonnes of copper-per-year Los Bronces mine and Collahuasi, one of the world’s biggest copper mines. (Reporting by Fabian Cambero; Editing by John Picinich)

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