Codelco reports strong Q3 profit as lower costs offset falling grades

The world’s largest copper producer, Chilean State-owned miner Codelco, has reported a strong third-quarter net profit of $1.6-billion, an improvement of more than three times on the loss posted for the same period a year earlier. Executive president Nelson Pizarro attributed the strong performance to significantly lower operating costs, giving it more wiggle room in the face of fluctuating copper prices and as the company battles falling grades at its ageing mines.