Chile's Codelco reports 86% leap to $1.124 billion of profits to September

Chile's state-owned miner Codelco, the world's largest copper producer, on Friday reported a 86% increase in its profit for the first nine months of the year on Friday, to $1.124 billion, amid an increase in production.

The company, which turns over all its profits to government coffers, said production rose 4% year-on-year to 1.165 million tonnes in the first nine months. The firm said its cash cost fell 11.3% to $ 1.269 per pound between January and September.