Reuters reported that Chile's state owned Codelco’s copper production rose 16% in the January to September period compared with a year earlier.

Net profit at Codelco before taxes and extraordinary items totaled USD 2.06 billion in January to September less than half the amount registered a year earlier.

The company said that Codelco's copper output in the 9 month period totaled 1.21 million tonnes. Including the company's 49% stake in El Abra mine, production totaled 1.27 million tonnes. The increase over 2008's output was due to higher production at its Codelco Norte, Salvador, El Teniente and Gaby mines.

Mr Jose Pablo Arellano CEO of Codelco said that "The negative effect of lower prices was partially offset thanks to greater copper production and a decrease in costs and total expenses."

Mr Arellano said that he hoped labor negotiations scheduled to begin soon at Codelco mines would conclude satisfactorily.

(Sourced from Reuters)