Chile Codelco 9-Month Copper Output 1.208 Million Tons Vs 1.214 Million Tons
25 November 2010 - 9:31PM
Dow Jones News
Copper production at state giant Corporacion Nacional del Cobre
de Chile's wholly owned mines slipped 0.5% in the first nine months
of 2010 to 1.208 million metric tons from the same period of 2009,
Chief Financial Officer Thomas Keller said Thursday.
Codelco's total January-September production, which includes
output from the El Abra mine in which it holds a 49% stake, fell to
1.26 million tons from 1.27 million tons. El Abra is operated by
51% shareholder Freeport-McMoRan Copper & Gold Inc. (FCX).
With copper averaging $3.25 a pound in the first three quarters
of the year, Codelco's pretax profit surged to $4.13 billion from
$1.88 billion the same period a year ago, when copper averaged
$2.11 a pound.
If Codelco earnings were reported using the same tax
requirements as private companies, it would have posted a net
profit of $3.29 billion, compared with $1.50 billion.
-By Carolina Pica, Dow Jones Newswires; 56-2-715-8919;
carolina.pica@dowjones.com
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