Citi said that the firm reported solid fourth quarter production figures but guidance for the production and costs for 2012 were 4.7 per cent lower and 4 per cent higher respectively against Citi's estimates.
"The lower than expected production guidance boils down to lower grades at Los Pelambres and production at pits with high strip ratios at Michilla. In addition, the power contract at Los Pelambres is due for renewal at end 2012 and we think it is likely that costs for this mine go up again in 2013. Provisional pricing negatively impacted earnings by $285mn in 2011 due to copper and $25mn due to molybdenum," said analyst Anindya Mohinta.
Following this, said the analyst, Citi had raised 2011 EPS by 3.8 per cent to reflect the strong production numbers but cut 2012 and 2013 EPS estimates by 7 per cent and 10 per cent respectively - consequently lowering the firm's target price.For the latest updates on the stock market, visit Stock Market Today
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