Chile’s state-backed miner, Codelco’s fine copper production rose by 45,000mt in the first nine months of the year despite the widespread impact of the COVID-19 pandemic in the country.
During January-September 2020, Codelco produced 1.17mn mt of fine copper from its domestic mine operations in 10 regions across the country, up by 4.1pc. Its direct costs have been lowered by 11.3pc to $1.26/lb in this period, compared with $1.43/lb in the same period of 2019.
The company’s cathode production tallied at 61,100mt in the first nine months, up 17pc from 52,200mt in the prior-year period. The cost of cathode production was also lowered by 6pc to $2.16/lb in this period, over $2.30/lb last year. The company also reported an increase in production at Salvador and El Teniente along with modernization at Andina during the first nine months of 2020.
Codelco reported a net profit of $1.1bn in Q3 2020, surging 86pc above the same quarter last year. The miner’s EBITDA settled at $3.4mn, up 35pc from Q3 2019.