content_image/140870.jpg
## Copper 

In 2012, we produced a record 373,100 tonnes of copper from Antamina in Peru, Quebrada Blanca and Carmen de Andacollo in Chile, Highland Valley Copper in British Columbia (B.C.) and Duck Pond in Newfoundland. We achieved a key milestone in 2012 with the completion of the Antamina mine expansion. The mill modernization project at Highland Valley Copper also progressed, with concrete work well advanced, and steel erection and major equipment installation started. New collective labour agreements were achieved at Carmen de Andacollo, Quebrada Blanca and Antamina. We also completed a feasibility study on our Quebrada Blanca Phase 2 hypogene project and are actively working towards re-filing the Social Environmental Impact Assessment (SEIA). We estimate copper production will be in the range of 340,000 to 360,000 tonnes in 2013. Production is expected to be lower than 2012 due mainly to declining production from Quebrada Blanca’s leach operations as it nears the end of its productive life and lower head grades at Highland Valley Copper. 

In 2012, our copper operations accounted for 30% of our revenue and 37% of our gross profit before depreciation and amortization. 

<img src='content_image/140870.jpg'>

