Chilean copper miner Antofagasta PLC said Wednesday that it expects the expansion of its flagship Los Pelambres mine to be completed mid-2007, two months ahead of schedule.

Antofagasta has invested $180 million to ramp up production at the mine, with the latest expansion taking production to 140,000 metric tons a day from 125,000 tons.

Speaking at the company's annual meeting, Chairman Jean-Paul Luksic said 2006 should be a good year for Antofagasta if the price of copper and molybdenum remains high.

The LME copper record cash price on May 18 was $3.98 a pound, and Luksic said molybdenum has found "good support" around $25 a pound.

Molybdenum is a byproduct of the copper Antofagasta produces, which is used in the production of stainless steel.