Chile’s Codelco, the world's top copper producer, reaped the benefit of climbing prices for the red metal last year even as production costs rose, and is ready to post a profit of $2.88 billion for 2017, the company’s chairman has revealed.
Speaking to investors and students at the Faculty of Economics and Business at the University of Chile, Oscar Landerretche said Thursday the preliminary results are the best ones achieved by the company since 2014, local paper La Tercera reported (in Spanish).
The state-owned copper miner saw costs rise 7.8% the past year as it has been upgrading its aging mines and dealing with dwindling ore grades to remain a major global player.
Codelco generates around a tenth of the global copper supply and it has been one of the main forces behind Chile’s transition from one of Latin America’s poorest countries to one of the richest over the past 40 years.
The official 2017 profit and production figures are due to be posted on Thursday, March 29.
More to come…
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