Chilean state-owned Codelco higher profit in Jan-Sept period, lower output

SANTIAGO, Chile – 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.