Chile’s Copper Output Drops to Five-year Low

Reuters reported that the world’s top copper producer, Codelco, saw its output drop to a five-year low and its profits knocked down by half in 2013 on dwindling ore grades and lower metal prices.

According to the publication:

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.

In a company statement on Friday, Codelco said:

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).

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