|
||||
| Codelco's share of Chile copper output higher in 2011 |
|
(EFE).- State-owned mining giant Codelco produced 1.74 million metric tons of copper last year, or 33.1 percent of Chile's total output of the red metal. According to figures released by the state-run Chilean Copper Commission, or Cochilco, that total is sharply higher than the 1.4 million metric tons Codelco produced in 2008, when it accounted for 27.5 percent of the total. Codelco's proportion of total Chilean copper production last year was the highest since 2002, Cochilco said. Codelco, the world's largest copper producer, still has not released its own profit and production figures for 2011. The company said it posted net income of $5.8 billion and produced 1.69 million metric tons of copper in 2010, an amount that climbs to 1.77 million metric tons if Codelco's 49 percent stake in the El Abra mining firm is included. Cochilco does not consider El Abra's output when calculating Codelco's production total. According to the commission, total copper production in Chile fell from 5.4 million metric tons in 2010 to 5.2 million metric tons last year. Among private mining firms, Minera Los Pelambres, owned by Chile's Luksic, increased production from 398,000 metric tons in 2010 to 426,000 metric tons last year. By contrast, Anglo American Sur, controlled by London-based mining giant Anglo American, produced 245,000 metric tons, 5 percent less than the 257,000 metric tons of output in 2010. Codelco and Anglo American are in a court battle over the latter's move last year to sell a 24.9 percent stake in AAS to Japan's Mitsubishi for $5.4 billion. The Chilean company says that transaction was aimed at stymieing its plans to acquire a 49 percent in Anglo American's Chilean assets under an option agreement |






