According to Mining News Pro - Antofagasta`s copper production rose 3% to 725 300 t last year, allowing the company to weigh potential expansion projects and upgrades, Ivan Arriagada said, according to an interview published in La Tercera.

"The best option is to build a new concentrator plant (at Centinela), and we`re in the feasibility stage of that initiative," Arriagada was quoted saying in the paper. He added that it would cost between $2.7-billion and $3-billion.

Antofagasta has forecast its copper output will rise to 750 000 t to 790 000 t this year.

Antofagasta did not immediately respond to requests for comment outside regular business hours.