CHARTS: The coming critical minerals trade war is BRICS short of a load
"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."
Chile’s Codelco, the world’s largest copper producer, on Thursday posted a 65% drop in its pre-tax profit for the first nine months of the year, pulled down by lower production and higher operating costs.
Codelco’s pre-tax profit over that period totaled $917 million.
The state-owned miner, whose credit rating was recently downgraded amid lower prices and copper output, added that copper production between January through September fell 9% to 966,000 tonnes.
Core earnings over the nine month period totaled $3.24 billion, a 31% drop from the year-earlier period, while production costs spiked nearly 30% to reach $2.04 per pound.
The state copper producer announced earlier this month a leadership shakeup, just weeks after a new chief executive took office as the company takes a lead on negotiations with private lithium miners to increase state control over the industry.
(By Fabian Cambero; Editing by David Alire Garcia)
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