https://www.miningweekly.com

Chilean miner Codelco says copper output, profit jumped in 2017

30th March 2018

By: Reuters

  

Font size: - +

SANTIAGO – Chile's state copper company Codelco said on Thursday it produced 1.73-million tonnes of copper in 2017, its second highest output ever, despite persistently low ore grades at its aging mines.

The world's top copper miner posted a 2017 pre-tax profit of $2.88-billion, a six-fold increase over its earnings in 2016, even as production costs jumped 7.8% to $1.359/lb of copper.

Codelco CEO Nelson Pizarro said a sharp increase in copper prices in 2017 assured a healthy profit despite only a 1.5% rise in production over the previous year.

The company was nationalized in the 1970s and provided an important source of income to Chile.

"Codelco greatly surpassed its commitments to the state," Pizarro said.

Pizarro said he expected copper prices to be slightly under $3/lb for 2018, though he added that a looming global supply deficit could see prices increase in 2019.

Codelco is striving to produce slightly more than 1.7-million tonnes of copper in 2018, Pizarro said, counter-balancing decreasing ore grades with a $22-billion multi-year investment drive to open new projects and revamp older ones.

Edited by Creamer Media Reporter

Comments

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.341 0.377s - 92pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: