Codelco profits drop

According to today's filings, the "excedentes" (literally "surpluses", and the way in which the State-run company can be tracked for nominal net profits) at Codelco in the first six months of 2012 dropped to $2.391Bn, which is 31% less than the same period of last year.

Codelco blames the drop on a lower copper price, lower production, lower grades and higher costs, particularly in energy and fuel. A cute combo, no?