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SANTIAGO (Scrap Monster): Chile's Minera Escondida, the world's largest copper mine, has witnessed a drastic fall in production by 24.6% year-on-year to 819,261 metric ton in 2011. The mine produced 1.09 million metric ton of copper in 2010.

According to Escondida, the decline in copper production was due to lower ore grades and a two-week strike by workers in July. Copper production in concentrates tumbled to 535,766 metric ton in 2011, from 786,693 metric ton a year ago, while production of cathode fell to 283,485 mt compared with 300,098 metric ton previously, the company said without providing a quarterly breakdown.

Higher copper prices -- which were up 16.6% year on year at an average $3.99/lb in 2011 -- were unable to offset the loss in production, the company noted. As a result, the company's net profit slumped 36% year on year to $2.78 billion in 2011, and revenue slid 19.5% to $9.21 billion.

Minera Escondida in northern Chile is owned 57.5% by BHP Billiton and 30% by Rio Tinto and 12.5% by Japanese consortium JECO.