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      Codelco copper output Up 2.7% In 2011

      MoM Team / Mumbai, Mar 26, 2012 11:48 AM IST

        The world's top copper producer, Chile's Codelco affirmed that pre-tax profits surged 21% to $7.033-billion compared in 2011 to last year on firm metal prices and a rise in production despite higher production costs.

        Codelco produced a record 1.735-million tonnes of the red metal in 2011, up 2.7% from 2010, as output increases in its Radomiro Tomic, Andina and Gaby mines counteracted dwindling production in century-old Chuquicamata, Salvador and El Teniente.

        The jump in profits on higher sales revenue was counteracted by higher production costs. Direct cash costs jumped 11% to $1.16/lb of copper last year compared with 2010.

        Codelco, which produces roughly 11% of the world's copper, appeared optimistic about the copper market and expects to be tight.

        It says that with regards to the copper market's long-term fundamentals, expected growth for China and other emerging market nations which are in a stage of development that requires a more intensive use of copper and the appearance of new uses and applications for copper, could sustain consumption growth at levels above the historical average.

        On the supply side, the ageing and decreasing (ore grades) of current deposits, the increasing complexities of new projects and the rising geopolitical risks in new mining districts present a challenging outlook.

         


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