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Codelco Q1 profit, production up YOY

Chile's state-owned copper producer Codelco booked a pretax profit of US$537 million in the first quarter, up slightly from a US$534 million profit reported in the year-ago period.

Consolidated EBITDA in the period rose 11% on a yearly basis to US$1.27 billion, the company said May 25.

The company's copper production from its wholly owned mines increased 7% to 416,000 tonnes. The figure climbs to 446,000 tonnes when production from El Abra and Anglo American Sur SA is included.

Codelco's C1 costs rose 1% to US$1.35 per pound, but remained 12% below the industry average.

In April, the company flagged a potential decline in its full-year copper production from its wholly owned mines to 1.67 million tonnes due to declining ore grades, compared to 1.73 million tonnes a year earlier.

CEO Nelson Pizarro said the company has negotiated collective agreements with six unions representing nearly 3,000 workers at its Andina District, Chuquicamata, Ministro Hales and Radomiro Tomic divisions, and no strike occurred.