SMM5 March 31: in the first quarter, Codelco production was better than expected, with a total production of 361000 tons of copper, an increase of 5.7% over the same period last year.

During the reporting period, Codelco profits fell 85.5 per cent year-on-year to $54 million. Although the cost of long-term production of copper fell 2 per cent year-on-year to $1.327 per pound, the price of by-products such as molybdenum also fell 18.1 per cent. But during the reporting period, the company's copper price fell 10% in the first quarter from a year earlier to $2.49 a pound.

The company says the epidemic has dealt a huge blow to profits.

In terms of gross profit, its mine leader El Teniente, reached $130.5 million, followed by Chuquicamata, with $48.9 million and Radomiro Tomic, with $9.2 million.

The dismal results have made it difficult for Codelco to carry out a 10-year, $40 billion mine overhaul.

Codelco operates seven mines and four smelters in Chile. Its assets account for 10 per cent of the world's known and possible reserves and about 11 per cent of the world's annual copper production, with an annual output of 1.8 million tons.

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