Antofagasta Says Third-Quarter Copper Slump Cost $297 Million
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Antofagasta Plc, the copper producer controlled by Chile’s Luksic family, said nine-month sales were cut by $297 million because of lower-than-projected prices after shipments reached customers in the third quarter.
Antofagasta adjusted the price of 142,100 metric tons of its production to 318.3 cents a pound compared with the provisional contract price of 409.8 cents, it said in a statement today. The company earned $96.3 million from the adjustment in the same period last year. Output in the first nine months rose by 15 percent to 453,500 tons.