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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.
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).
