November 29, 2019 / 3:31 PM / 7 months ago

Chile's Codelco reports 57% fall in profits

SANTIAGO, Nov 29 (Reuters) - Chile’s state-owned Codelco, the world’s largest copper producer, reported on Friday a fall of 57% in its pre-tax earnings to September, affected by climatic factors, an extensive strike at its flagship Chuquicamata mine in northern Chile and lower metal prices.

Codelco, which turns over all its profits to the Chilean state, said it produced 1.12 million tonnes of copper from January to September, which represents a fall of 6.6% in relation to the same period of the previous year.

The company’s direct production cost was $1.43 per pound, up slightly from the $1.42 it reported in August.

The company’s CEO Oscar Araneda told a press conference at the company’s headquarters in Santiago that the company was looking to trim $8 billion from an ambitious, $40 billion ten-year overhaul of its ageing mines.

Reporting by Fabian Cambero; writing by Aislinn Laing

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