Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The world’s top copper producer, Chile’s Codelco, said on Friday it produced 1.25 million tonnes of copper in the nine months to September, up 3.5 percent from the same period last year. The state-run miner said pre-tax profits rose 37 percent during the January-September period from a year earlier to $5.3 billion.
Codelco is having one of its best production years ever, and will beat its 1.7 million tonne output target for 2011, Chairman Gerardo Jofre told Reuters on Wednesday.
