May 25, 2018 / 3:20 PM / a year ago

Chile's Codelco posts first quarter pre-tax profit of $537 mln

SANTIAGO, May 24 (Reuters) - Chilean state copper company Codelco reported on Friday first quarter pre-tax profits of $537 million, a slight increase over the previous year, even as ore grades continued to decline at the miner’s aging deposits.

The world´s top copper miner produced 446,300 tonnes of copper in the first quarter, according to state copper commission Cochilco statistics released earlier this month, marking a 7.2 percent increase over the previous year.

The company on Friday said ore grades had nonetheless declined 2.7 percent versus the same period in 2017.

Reporting by Fabian Cambero

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