Codelco Surpluses Recorded Notable Surge in 2021

SEATTLE (Scrap Monster): State-owned leading Chiliean copper producer Codelco generated surpluses of $7,394 million during the previous year. This is 256% higher than those generated in 2020 and also the second highest over the past decade.

The own production totalled 1.618 million fine metric tons (tmf), more or less unchanged in comparison with the year before. Adding its participation in El Abra and Anglo American Sur SA, the total attributable production touched 1.728 million tmf. The direct cost edged higher marginally by 2.5% from 129.4 dollar cents per pound (c/lb) in 2020 to 132.7 c/lb in 2021.

The EBITDA witnessed year-on-year jump by 96.2% to touch $10,379 million, with EBITDA margins at 49%.

The company maintained continuity in operational and production levels, despite the restrictions imposed by the Covid-19 pandemic. The contribution from its subsidiaries, coupled with high copper prices contributed to the good yearly results. The company fulfilled its commitment to contribute resources to the country, noted Juan Benavides, President, Codelco.

An important milestone of the year was the start of construction works of Rajo Inca structural project, which is expected to extend the life of the Salvador Division by 47 years. The project is scheduled to start operations in 2023.

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