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Codelco output drops 12% during first semester

The output, equal to pre-tax results on income and extraordinary items, was reported at $4.108 billion U.S. dollars.

08 de Agosto de 2008 | 15:56 | El Mercurio Online

SANTIAGO.- Codelco, the world’s largest copper producer, announced an output of $4.108 billion U.S. dollars for their first semester on Friday.  The figure falls some 12% below the amount that was reported for the same period last year, resulting from higher costs and a lower mineral grade.


The output –equal to results before taxes on income and extraordinary items- is the most relevant financial indicator for Codelco, which turns over all of the resources to the Chilean Treasury.
 
According to the corporation, lead by José Pablo Arellano, the net cost per cathode of copper rose 63.6%, reaching $1.80 U.S. dollars.  In light of this, the cost of products grew by more than 30% during the period, additionally being affected by the exchange rate.


Meanwhile, an 11.6% slip was reported in the production of the metal itself between January and June.  The lower production levels are being attributed to contracted worker strikes, a drop in mineral ore grades, as well as heavy rainfalls in at the El Teniente and Andina mines.


Codelco´s copper production, which does not include minerals taken from the El Abra mine, was reported to be 675,000 tons during the first semester, compared to the 764,000 tons registered during the same period last year. 

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