UPDATE 2-Antofagasta cuts annual copper output forecast on Antucoya project delay

miércoles 29 de julio de 2015 03:52 GYT

* Raises unit cost forecast for the year

* Output cut by falling ore grades, protests, floods

* Shares fall 1.5 percent (Adds details costs forecast, share price)

By Silvia Antonioli

LONDON, July 29 (Reuters) - Chilean miner Antofagasta cut is annual copper output forecast for the second time this year on Wednesday due to a delay in the start-up of its Antucoya project, as it posted a double-digit-percentage decline in half-year copper production.

The London-listed miner, which has been hurt by a steep fall in prices, declining ore grades, unfavourable weather and environmental protests, produced 303,400 tonnes of copper in the first half, down 12.9 percent from a year earlier and below analysts' forecasts.

It cut its full-year copper production guidance to 665,000 from 695,000 tonnes due to the delayed commissioning and subsequent ramp-up of its Antucoya project stemming from a technical issue.

Torrential downpours in a desert region of northern Chile and environmental protests had already hit its first-quarter output, forcing it to reduce its annual production forecast by about 15,000 tonnes earlier this year.

The company, controlled by Chile's Luksic family, also increased its average cash cost expectations for the year to $1.47 per pound from $1.40 as a result of the reduced output.   Continuación...