Metalnewsnet 6 May ：

BNamericas reported that Chile's Escondida posted net profits of USD 1.03 billion in Q1, 160% increase from USD 394 million YoY.

The company said that the increase was mainly driven by an 82.5% jump in revenues from USD 1.10 billion to almost USD 2 billion YoY mainly due to higher copper prices and production in the period. Total copper output rose 5% to 245,562 tonnes. Concentrate production grew to 182,638 tonnes from 155,956 tonnes YoY while cathode output fell to 62,924 tonnes from 78,273 tonnes.

Escondida said that higher concentrate production was due to better head grades and operating at normal rates at the Laguna Seca concentrator, which had to be shut down for 32 days for repairs in the first quarter of 2009 due to a SAG mill failure. The company said that planned stoppages at the cathodes plant in order to secure safety of the operations led to lower output in Q1.

The company added that the open pit mine's C1 cash cost, which takes into account gold and silver byproduct credits, fell to USD 0.834 per lb from USD 0.841 per lb due to higher production.

( from Business News Americas)