Freeport Indonesia to process 400,000t of copper concentrate at new smelter
Earlier this month, Freeport obtained an export permit for the rest of the year from the government.
Codelco’s Q1 profits were down 43% year-over-year as the world’s largest copper producer battled falling ore grades, strikes, rising costs and lower copper prices.
Port strikes across Chile in March cost the company roughly $500 million in revenue.
Red metal prices are down nearly 10% thus far in 2013 as China’s economy has showed signs of significant cooling.
Codelco’s cash costs soared 30% in Q1.
One bright spot was output, which saw a 3% rise to 385,000 tons in the first quarter. Codelco anticipates record levels of production in 2013 thanks to upgrades at its Chuquicamata, El Teniente and Radomiro Tomic properties.
Sources: Codelco; Reuters
