Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Chile’s Codelco plans to produce 1.64mn mt of copper in 2021 due to higher demand, and increase the movement of material in its pit and underground mines by more than 1pc.

Codelco increased its copper production by 1.9pc to 1.61mn mt in 2020 compared to 1.58mn mt in the prior year due to higher production from four of its own mines, the company said in its earnings statement on Feb 26.

Codelco’s Chuquicamata mine produced 401,000mt in 2020, up from 385,000mt in 2019. During the same period, Andina’s output increased to 184,000mt from 170,000mt the prior year, Ministro Hales achieved production of 171,000mt up from 152,000mt, and El Salvador’s production rose to 56,000mt from 51,000mt.

Other mines in which Codelco has a share are El Abra (49pc) and Anglo American Sur (20pc), which produced 35,000mt and 74,000mt, respectively, in 2020. 

Codelco reported pre-tax profits of $2.07bn last year, up by 55pc from $1.34bn in 2019, it noted adding that an 8.6pc drop in direct cash costs to $1.294/lb in 2020, from $1.416/lb helped to improve its profits. The company’s Ebitda increased by 31pc to $5.28bn in 2020, from $4.04bn in 2019.


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