Codelco's Profits Surged 86% Till September This Year

SEATTLE (Scrap Monster): The transformation process undertaken by Codelco- the world’s largest copper producer, has yielded spectacular operating results for the company in the first three quarters of the current year. The substantial improvement in results demonstrates the success of the company’s strategic plan for the decade.

The company reported 86% surge in profits during this period, amidst significant increase in production. The profits totalled $1.124 billion, whereas the production was up by 4% year-on-year to 1.165 million tonnes in the first nine months. Codelco added an additional US $ 521 million to the US $ 603 million last year. The operating cash generation reached US $ 3,437 million, 35% higher than the same period of the previous year.

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The Chuquicamata Subterránea project is in the process of completing the remaining works and the integrated operating system. The company reported 99.5% progress. Traspaso Andina also reported progress according to schedule. New Mine Level posted a total advance of 62.6%. Meanwhile, a return plan is under development in Northern Andes.

Octavio Araneda, CEO stated that the measures taken by the company were able to mitigate the impacts of the pandemic, ensure the protection of its workers and maintain the continuity of its progress. The company was able to achieve higher productivity and sales and lower costs, despite the effects of the health crisis, he added.