Chile's Codelco 2013 profit halvesMarch 28, 2014 @ 11:04 am
SANTIAGO, Chile (AP) -- Chile's state-run copper giant Codelco says its profit halved in 2013 from the previous year due to dwindling ore grades and tumbling prices for the red metal.
The world's largest copper company said Friday it earned $3.9 billion before taxes and extraordinary items.
Codelco's production fell by 1.5 percent in the same period to 1.62 million metric tons due to output drops in some of its key mines. Total output rose 2 percent to 1.79 million metric tons when including Codelco's shares in the Anglo Sur and El Abro deposits.
The company has been hit by rising energy costs and is pressed to dig new deposits amid falling ore grades. Codelco is struggling to finance an ambitious $30 billion investment program to boost production.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Among the Elite
Make that 7-0 for Wilson & the Hawks against Peyton, Tom Brady, Aaron Rodgers, Drew Brees
Jason Rantz says I-594 cites a bad example for gun control
Healing in Oso
Oso fire chief remembers deadly mudslide on 6-month anniversary
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.