Codelco’s copper production decreased by 5.8pc in 2019 because of inclement weather and a labor strike at its Chuquicamata mine.

 

The Chilean company’s output declined to 1.5mn mt last year from 1.6mn mt in 2018, while it generated a $1.3bn profit despite lower production driving up its direct costs by 1.8pc from 2018. Its EBITDA reached $4.04bn in 2019. 

 

Much progress has been made constructing some of Codelco’s biggest mining projects, including Traspaso Andina, which is 83pc complete and slated to begin operating this year. The El Teniente mining project is 56pc finished, while upgrades to Codelco’s Rajo Inca mine are 83pc complete. 

 

The company also announced this week that it suspended construction on three of its mining projects to safeguard employees from the COVID-19 outbreak.

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