Codelco, the world’s biggest copper mining company, said profits fell by almost half last year and production declined 7 percent because of a strike, storms and lower ore quality at its aging mines.
Annual production dropped to 1.55 million metric tons from 1.67 million tons in 2007 from its fully owned mines and a 49 percent stake in Chilean mine El Abra, Chief Executive Officer Jose Pablo Arellano said today at a press conference in Santiago. Net income dropped 47 percent to $1.57 billion as prices fell.
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