Chile's Codelco Jan-Sept earnings plunge 47 percent on low prices, waning demand from China
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Chile's state-run copper giant Codelco says its profit plunged by 47 percent in January to September 2015 from the same period a year before because of tumbling prices for the metal.
The world's largest copper company said Friday it earned $1.2 billion compared to $2.3 billion in the same period a year ago.
Codelco's production rose by 2.3 percent to 1.26 million metric tons despite falling ore grades.
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The company has been hard hit by lower prices and demand for copper after an economic slowdown in China that has brought metal prices to a six-year low.
Codelco has been forced to scale back or delay major investments including turning the world's largest open-pit mine into an underground operation.