Codelco reports higher Jan-Sept profit

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Associated Press

Posted on November 22, 2012 at 10:02 AM

Updated Thursday, Nov 22 at 6:02 PM

SANTIAGO, Chile (AP) — Chile's state-owned mining company Codelco says its January-September profits rose 27 percent over the same period last year.

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

Chief Executive Thomas Keller says the miner produced 1.188 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.

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