UPDATE 2-Copper output at Chile's Codelco drops to 5-year low in 2013
* Slipping ore grades drag down copper output
* Base of comparison, lower metal prices hit profit
* Codelco shows progress in cost control (Adds CEO quotes, details on financing, links)
SANTIAGO, March 28 (Reuters) - World No. 1 copper producer Codelco's output fell to a five-year low and its profit dropped by half in 2013 as dwindling ore grades and lower metal prices hit the state-owned Chilean miner.
The company produced roughly 1.62 million tonnes of the red metal last year, a 1.5 percent drop from 2012 due to lower ore grades, harder rock and trickier production in deeper deposits.
That number, which excludes Codelco's stakes in the El Abra and Anglo Sur deposits, was its lowest production figure since 2008, when it mined roughly 1.47 million tonnes of copper.
"This is due to production falls at the Chuquicamata, Radomiro Tomic, Salvador, Andina and Gabriela Mistral (mines), which was partially compensated by an 8 percent increase at the El Teniente (mine,)" Codelco said in a statement on Friday.
Factoring in the miner's shares in the El Abra and Anglo Sur deposits, total production rose 2 percent from 2012 to 1.79 million tonnes last year.
For a factbox on output, please see: Continuación...