SÃO PAULO Chilean copper producer
Corporación Nacional del Cobre de Chiles
(Codelcos) copper sales revenues fell by 10.7 percent
year on year in 2012 on the back of lower copper prices, higher
costs and lower mined grades.
Copper production at Codelco hit the lowest level since 2009,
reporting a 5.1-percent fall in output over 2011 to 1.65
The state-owned companys copper sales in the period
totaled $12.79 billion, compared with $14.33 billion in 2011.
However, pre-tax profits rose to $7.52 billion from $7.03
billion due to gains from its August 2012 purchase of a stake
in Anglo American Sur SA, the company said.
Taking into account the companys stakes in Freeport
McMoRan Copper & Gold Inc.s El Abra Mine and the
Anglo American Sur mine, copper sales volumes fell 6.1 percent
year on year to 1.74 million tonnes in 2012.
Average copper prices in the period fell to $3.61 per pound
($7,936 per tonne) vs. $4 per pound ($8,796 per tonne) in 2011,
according to Codelco.
Codelcos average ore grades were 0.73 percent in 2012,
down from about 0.78 percent a year earlier.
Revenues from byproducts, such as molybdenum and sulfuric acid,
totaled $696 million in 2012 vs. $1 billion a year earlier.
Codelco invested $4.09 billion in projects last year, and
intends to invest more than $5 billion in 2013.
A version of this article
was first published by AMM sister publication Metal