Codelco’s Profit Jumps

Chile’s state-owned copper giant Corporacion Nacional del Cobre (Codelco) posted a net profit of $389 million for the first quarter of 2005, up 87 percent year-on-year. The company’s revenues rose $396 million to $2.26 billion, boosted by high copper prices. Copper prices on the London Metal Exchange stood at $1.48 per pound on March 31, 2005, up from $1.24 per pound in the same period a year earlier.