The Chilean state-owned Codelco reported that during 2021 it obtained benefits of US$7,394 million, which means 256% more than in 2020; thus achieving its best result in 9 years, as a result of the favorable situation for copper.
Octavio Araneda, executive president of Codelco, explained that this result was the result of the increase in the average price of copper, as well as the positive effect experienced by its other non-operating results.
“Fundamentally due to exogenous effects, higher input prices that already towards the end of 2021 began to put pressure on the industry’s operating costs,” the executive told the press.
This good financial performance of the state-owned company was also reflected in the payment of taxes, since the company’s contribution to the treasury was US$5,572 million, the highest figure in the last 10 years.
Production
The state company also revealed that its own production remained at 1 million 618,266 tons of fine copper, which added to the contribution of the shares that the company has in the El Abra and Anglo American Sur deposits reaches a total of 1 million 728,000, similar to last year’s levels.
“Own production reached 1,618,266 tons of fine copper, maintaining the figures of the previous year, despite the restrictions of the pandemic, thanks to the continuity of operations and a better grade,” Codelco said.
International panorama
On the other hand, Araneda commented that the current crisis in Ukraine would not be significant at the sales level for the company due to the little exposure to that market, while the Vice President of Finance, Alejandro Rivera, considered that the global price of copper should remain this year around current levels of not escalating the conflict.
Source: Larepublica
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