Chile's Codelco posts profit of $2.88 billion in 2017

SANTIAGO: Chile's state copper miner Codelco posted profits of $2.88 billion in 2017, boosted by rising copper prices even as production costs rose, according to preliminary results reported by a local newspaper on Friday.

Codelco, the world's largest copper miner, saw costs spike 7.8 percent during the same period, the daily El Mercurio reported, as the miner has been forced to dig deeper, and through poorer quality ore, to keep output flowing in recent years.

The report said Codelco chairman Oscar Landerretche had delivered the still preliminary results in a presentation on Thursday.

The final 2017 profit and production figures are due to be released next week.

Chile is the world_s top copper producer.