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Codelco having a strong year

Chile’s state copper company Codelco has reported profits of US$1.1 billion through the first nine months of 2020, an 86% increase over the same period in 2019 due to higher sales of copper and molybdenum, and higher pricing.
Codelco having a strong year Codelco having a strong year Codelco having a strong year Codelco having a strong year Codelco having a strong year

Codelco's Chuquicamata underground in Chile nearing completion

The company posted EBITDA of $3.4 billion, 35% higher than the prior year period.

Codelco also saw increased productivity as C1 cash costs fell 11.3% to $1.27 per pound from $1.43/lb in the 2019 period, and the net cathode cost dropped by 6.3% to $2.16lb from $2.30/lb over the same period.

The company produced 1.165 million tonnes of copper in the nine months, with higher recoveries and better grade seen than in the prior year as productivity per worker increased to 61.1 tonnes, a 17% increase from the 52.2t in the first nine months of 2019.

Regarding its structural development projects, Codelco said the Chuquicamata underground mine was nearing completion and was 99.5% complete. The company estimates the project will be completed about US$700 million under budget.

The Traspaso Andina project is 89.1% complete, while the new mine level at El Teniente is 62.6% complete.