UPDATE 1-Escondida says Q1 copper output down 13.4 pct yr/yr

(Updates with quote, details)

SANTIAGO, April 29 (Reuters) - Chile's Escondida, the world's largest copper mine, said on Tuesday its first quarter output fell 13.4 percent from a year earlier to 334,652 tonnes, citing lower ore grades.

Escondida, majority-owned by global diversified miner BHP Billiton (BLT.L: Quote, Profile, Research)(BHP.AX: Quote, Profile, Research), produced 1.483 million tonnes of the red metal last year, an increase of 18 percent from 2006 levels.

"It is due in part to low ore grade and less available mineral in the oxide plant," Escondida said in a statement. "Output comprised 282,220 tonnes of copper concentrates and 52,432 tonnes of copper cathodes.

Despite the lower output, Escondida said its profit for the period rose 49.4 percent from the same period a year earlier to $1.92 billion thanks to copper prices which have risen to new life highs to trade at around $4 a pound. (Reporting by Antonio de la Jara, Writing by Simon Gardner, Editing by Jacqueline Wong)