Codelco posts $1.627 billion in profits in blow out quarter
(Kitco News) - Codelco reports $1.627 billion in profits in the first three months of the year, the highest in over a decade.
The Chilean state-owned copper miner was supported by copper prices this quarter, which hit a record $10,000 a tonne level yesterday before retreating. Last time copper had a similar run up was 2011.
Codelco added to its fortune by producing more copper. Between January and March, the state company produced 386,000 tons of copper, 25,000 tons higher that the previous year due to better grades and operational improvements.
Codelco said it is the world's top copper producer. The company produced 1.7 million tons of copper in 2019.
The company said it is implementing technology that will increase productivity and production, and it plans to improve cash flow by $20 billion for the decade.As of 2018, Codelco had 6% of global copper reserves. The company operates seven mines and four smelters, which are all located in Chile.