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