SANTIAGO – Codelco, the world’s top copper producer, made a profit of $2.88 billion last year, according to preliminary results – the best ones achieved by the Chilean company since 2014.
This was revealed by the chairman of the board, Oscar Landerretche, who was speaking to investors and students at the Faculty of Economics and Business at the University of Chile.
Mr. Landerretche maintained that his administration “will clear the financial path” to his successors, La Tercera reported (in Spanish).
The state-owned copper miner, which generates around a tenth of the global copper supply, saw costs rise 7.8% the past year as it has been upgrading its aging mines to deal with dwindling ore grades.
Codelco’s official 2017 profit and production figures are due to be posted on Thursday, March 29.
Landerretche will end his term as director of the state company in May.