CODELCO´s 2017 results reveal second largest output ever

Credits: Codelco
Credits: Codelco
March 2018: CODELCO´s latest results report reveals that profit, production and output in 2017 increased from the year before. The Chilean state copper miner announced pre-tax earnings of US$2.885B, which is six times the amount recorded in 2016, despite increased production costs. Output was reported at 1.734Mt Cu, the second largest output recorded since Codelco´s 1971 conception.
Commenting on the results, Nelson Pizarro, CODELCO´s chief executive officer, highlighted that that the gross debt of the mining company decreased in 2017, for the first time in nine years. He also revealed that CODELCO aims to produce slightly more than 1.7Mt Cu in 2018 and will use a US$22B multi-year to drive up ore grades, create new projects and develop older mines.