Chile’s Codelco might have reached $2.8 billion in profits in 2017, six times the amount of dollars it made in 2016. Only in the last quarter of the year the company made more than $1.6 billion.
Even though the world's top copper producer hasn’t released official figures just yet, chairman Oscar Landerretche gave away the number while delivering a speech at the University of Chile.
Such gains were achieved thanks to rising copper prices, which are now at more than $3 a pound. The state-owned company is scheduled to present results from the fiscal year ended in December on March 29, 2018.
If Landerretche’s estimates are confirmed, Codelco would have achieved its highest profit margin since 2013. “This would ease the way for the next board,” the executive told the audience gathered at the Faculty of Business and Economics. “This is how you manage a company looking at the long term (…) I’m proud of having been able to stabilize Codelco’s debt,” he added.
According to the chairman, when he took over his position Codelco was on a trend of accumulating $2 billion in debt every year. His contract with the miner ends this coming May.
The post Codelco’s profits six times higher than in 2016 appeared first on MINING.com.
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