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Thursday, Nov 22, 2012 3:00 PM UTC

Codelco reports higher Jan-Sept profit

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Topics: From the Wires,

SANTIAGO, Chile (AP) — Chile’s state-owned mining company Codelco said Thursday its January-September profits rose 27 percent over the same period last year, boosted by the settlement of a long-running feud with British miner Anglo American Plc over control of a promising copper mine.

The world’s largest copper company said Thursday it earned $6.77 billion before taxes versus $5.32 billion in the same period a year ago.

Chief Executive Thomas Keller told reporters the miner produced 1.188 million metric tons of copper, 5 percent less than the 1.25 million metric tons a year earlier due to dwindling ore grades.

Codelco is involved in ambitious domestic expansion plans, such as turning the world’s largest open-pit copper mine into an underground operation that would extend its life by more than 50 years. Codelco says Chuquicamata still has much more to give, with reserves equal to about 60 percent of all the copper exploited in the mine’s history still buried deep beneath the crater.

Codelco and Anglo American settled their conflict in August with a multi-billion dollar deal. The Chilean miner had sued to enforce an option to buy 49 percent of the Anglo American Sur subsidiary with financing from Mitsui & Co. after Anglo American sold a fourth of its Chile subsidiary to Mitsubishi Corp. instead.

The settlement leaves Anglo American with a controlling 51 percent stake, Codelco with 24.5 percent, Mitsubishi with 19.5 percent and Mitsui with 5 percent. The deal helped Codelco increase its holdings at a discount, and both Japanese companies now have a firm foothold in Chile.

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Luis Andres Henao on Twitter: https://twitter.com/LuisAndresHenao

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