- Write by:
-
Saturday, February 27, 2021 - 12:35:32 PM
-
749 Visit
-
Print
Mining News Pro - Codelco, the world’s top copper producer, reported pre-tax profits of $2.078 billion in 2020 and said it had upped output from its own mines by 2% to 1.618 million tonnes, despite being forced to rely on skeleton crews for almost half the year amid strict measures aimed at curbing the coronavirus outbreak.
The 55% increase in profits came amid a surge in global metal prices and higher sales as global markets including Chile’s main buyer China begin to rally from the pandemic.
The company, which turns over all its profits to the Chilean state, told Reuters earlier this week that the recent spike in the price of the red metal as a “good opportunity” to generate cash for investments and hold down debt, but warned it could also drive up the miner’s costs.
Codelco said an 8.6% drop in direct cash costs to $1.294 per pound had also helped bolster profits, attributing these primarily to the lower price of inputs, a strengthening peso, upped production and a cash-saving drive by managers.
Codelco said its own copper sales increased by 1.5% year-on-year, and a higher ore grade generated positive performances in its Ministro Hales, Andina, Chuquicamata and Salvador mines, making up for declines in other divisions.
Short Link:
https://www.miningnews.ir/En/News/611610
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
Iron ore futures were poised for a third straight weekly rise as prices largely consolidated gains on Friday, with ...
Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new ...
Teck Resources, Canada’s largest diversified miner, saw its copper production jump by 74% in the first three months of ...
Aurubis AG, Europe’s largest refined copper producer, has started a project in its Bulgarian smelter which will expand ...
No comments have been posted yet ...