Codelco's Q1 output falls, but higher copper price boosts profits

Chile's state-run Codelco said on Friday that its copper output in the first quarter slid 11% from a year ago, as ore grades decline at its ageing mines, but an incipient recovery in copper prices boosted its profits. Codelco, the world No 2 copper miner, said output in the three months to end-March was 390 000 t from its wholly-owned mines, and 416 000 t including its stakes in other deposits.