Codelco’s Copper Output up 11% in Q1, with Cost Lower

SHANGHAI, May 31 (SMM) - Codelco says in a report its copper output increased 11% year-on-year to 437,000 tonnes in the first quarter of 2016, and costs decreased, wenhua.com reports.

Output at its old mine Chuquicamata and new mine Ministro Hales grew, while production at Salvador, El Teniente and Radomiro Tomic also contributed to output growth.

It slashed costs significantly against plunging copper prices, with cash cost down 8% year-on-year to $1.25 per lb in the first quarter.

Copper prices are expected to average $2.17 per lb, the company’s CEO said at a press conference. 

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