SÃO PAULO Chilean
copper miner Corporación Nacional del Cobre de Chile
(Codelco) registered a 30-percent year-on-year fall in earnings
in the first quarter of 2013, citing port strikes in Chile and
weak copper prices.
The worlds biggest copper
producer saw a delay in shipments of 60,000 tonnes of material
due to a three-week strike at the Angamos port in northern
"We expect to normalize this
delay in the second quarter," said Iván Arriagada,
Codelcos vice president of administration and
Earlier this year, Chiles
finance minister said illegal strikes at Chiles ports and
mines put the countrys future growth at risk.
Earnings before interest, taxes,
depreciation and amortization (Ebitda) stood at $1.34 billion
in the quarter, down from $1.9 billion in the first quarter of
As for prices, the red
metals average price was 4.5 percent lower year on year
in the first quarter of 2013 at $3.598 per pound, according to
Copper sales revenue totaled
$2.66 billion, compared with $3.16 billion in the first quarter
of last year.
Volumes sold totaled 359,000
tonnes in the quarter, down from 392,000 tonnes in the same
quarter of 2012.
Production, by contrast,
increased 9.4 percent to 428,000 tonnes, the miner reported.
The figure includes 385,000 tonnes of copper produced by
Codelcos mines and 43,000 tonnes related to the
companys involvement in the El Abra and Anglo American
"In terms of costs, Codelco is
driving a structural project aiming (at) increased productivity
and cost containment, which is already showing its first
positive results," the company said.
The company cited such
cost-cutting measures as reducing the use of basic inputs, such
as sulphuric acid, and explosives without impacting production,
renegotiating third-party contracts and optimizing internal
A version of this article was first
published in AMM sister publication Metal