Chile’s state copper company Codelco posted a drop in annual copper production on Friday as ore grades declined at its key deposits, but cost cuts helped it swing to a profit for 2016.
Codelco, one of the world’s largest copper miners, said it produced 1.83-million tonnes of copper in 2016, of which 1.71-million tonnes came from its wholly owned mines. The company expects a similar level of output this year, CEO Nelson Pizarro said at a news conference following the results.
