UPDATE 2-Southern Copper cuts view for 2015 copper output

miércoles 29 de octubre de 2014 14:03 GYT
 

(Adds production estimates for 2014, 2016 to third paragraph)

LIMA Oct 29 (Reuters) - Global miner Southern Copper said on Wednesday that it was revising down its forecast for its copper output next year by 9.8 percent to 758,000 tonnes.

"This number is still under review. We will have, I believe, a better plan when we start 2015," said Chief Financial Officer Raul Jacob in a conference call with investors following the company' release of third-quarter results.

The company, controlled by Grupo Mexico, will likely produce 658,000 tonnes of copper this year and 912,000 tonnes in 2016, Jacob said.

Southern Copper also said it expects to receive a key environmental permit for the $1.2 billion expansion of its Toquepala mine in Peru in mid-November.

Work at Toquepala would then start at the beginning of next year, when construction of its $1.4 billion Tia Maria copper project is also slated to kick off, Chief Executive Oscar Gonzalez said on the call.

The expansion at Toquepala is expected to add 100,000 tonnes to Southern Copper's annual production capacity.

On Tuesday, Southern Copper reported a 5.8 percent drop in third-quarter net profit.

(Reporting By Teresa Cespedes, Editing by Steve Orlofsky, Bernard Orr)