Weekly Report - 16 August 2005

CHILE | 'China windfall' goes on boosting copper earnings. Codelco, the state-owned copper corporation, has posted profits before tax of US$2.25bn in the first half of the year, which is 46% more than in the same period of 2004 and equivalent to 68% of the profits for the whole of last year - which in turn represented a fivefold increase on 2003. This year's results have been obtained on the strength of an increase in sales of 22%. Company executives attribute this performance to the continuing high demand from China and the running down of world stocks.

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