Chile’s state-run copper giant Codelco says its profit plunged more than 40 percent in the first quarter of 2015 from the previous year because of tumbling prices for the metal.
The world’s largest copper company said Friday it earned $312 million in the first quarter compared to $539 in the same period a year ago.
Codelco’s production, however, rose by 3 percent in the first quarter to 394,000 metric boosted by new mining projects. Its full-year 2014 output also rose 3 percent to 1.67 million metric tons versus the year before.
The company has been hit by rising energy costs and is pressed to dig new deposits amid falling ore grades.