[智利金屬]

　　Chile Codelco Gaby Output Outlook Cut To 150,000T a Year

　　 SANTIAGO (Dow Jones)--Copper mining giant Corporacion Nacional del Cobre de

　　Chile's, or Codelco, planned Gaby mine likely will produce 150,000 metric tons of

　　copper, down from a previous estimate of 170,000 tons, according to an

　　environmental impact statement submitted Monday.

　　 The copper miner again submitted the environmental impact statement for the

　　initial construction phases of its planned Gaby mine to the Conama national

　　environmental commission.

　　 The earlier impact statement for the initial construction phase was rejected in

　　September on the grounds that production and throughput were different from what

　　was stipulated in the mine's original impact statement.

　　 Codelco resubmitted the impact statement, attributing the production change to

　　the availability of more advanced engineering studies than when the mine's impact

　　statement was submitted.

　　 The $14.4 million initial construction project the miner submitted to the Conama

　　includes construction of Codelco and contractors' workers sleeping quarters and

　　use of gravel and other construction materials, according to Conama's web site.

　　 The $600 million Gaby project will likely produce its first copper cathode in

　　2008.

　　 Earlier this year, China Minmetals Corp. signed a 15-year, $2 billion agreement

　　with Codelco, which will source copper supplies from Chile. The deal also

　　included an option for Minmetals to acquire a 25% stake in the Gaby mine. In

　　addition, Codelco plans to sell another 24% stake in the mine.

　　 Codelco already has joint ventures with other mining companies. U.S. miner Phelps

　　Dodge (PD) owns a 51% stake in and operates Codelco's El Abra mine. In addition,

　　Codelco and BHP Billiton (BHP) operate a joint venture, Alliance Copper, which

　　seeks to develop faster and more effective bacteria leaching processes.

　　 Chile is the world's largest copper producer, responsible for 30% of total annual

　　output.

　　 In 2004, Codelco produced a record 1.84 million metric tons of copper, and posted

　　its highest-ever pre-tax profit at $3.3 billion, inflated by the booming global

　　copper market. Pre-tax profits include Codelco's politically controversial payout

　　to the country's defense budget.