Codelco Q1 profits down 43% year-over-year

Codelco's Q1 profits were down 43% year-over-year as the world's largest copper producer battled falling ore grades, strikes, rising costs and lower copper prices.

Port strikes across Chile in March cost the company roughly $500 million in revenue.

Red metal prices are down nearly 10% thus far in 2013 as China's economy has showed signs of significant cooling.

Codelco's cash costs soared 30% in Q1.

One bright spot was output, which saw a 3% rise to 385,000 tons in the first quarter. Codelco anticipates record levels of production in 2013 thanks to upgrades at its Chuquicamata, El Teniente and Radomiro Tomic properties.

 

Sources: Codelco; Reuters