Codelco registers surpluses of 1,521 million dollars


Codelco reported that during the first three months of the year it generated US1,521 million surpluses for Chile. “The figure is slightly lower than that of the same period of the previous year (-6.5%), due to the increase in inputs and lower sales of copper and molybdenum, which was partially mitigated by the rise in the price of both metals. ”, explained the executive president, Octavio Araneda.

Fine copper production reached 364,000 tons of copper, a figure 5.7% lower than the same period in 2021, mainly due to a drop in grade in the Ministro Hales Division due to a change in the sequence of mineral extraction plans a lower activity in the concentrator of the Chuquicamata Division (associated with the major maintenance carried out in January 2022).

“We hope to reverse this trend and recover production levels in the second half,” Araneda stressed.

Costs were affected, in addition to lower production, by the rising price of inputs, impacts that were partially lessened by the higher exchange rate and the higher price of molybdenum.

Meanwhile, the generation of operating cash (consolidated Ebitda before the Reserved Copper Law) reached US2,216 million, 6.9% lower than the first quarter of the previous year. Underground Chuquicamata, already in operation, continues to increase extraction levels to reach the 140 ktpd regime through the investments required for the development of the first level. Regarding the Teniente Project Portfolio, Andes Norte NNM shows progress of 73%, while the Diamante and Andesita projects, which are also part of the portfolio, show progress of 20% and 13%, respectively.

The Traspaso Andina project is in its ramp up phase, reaching an average of 45,000 tons per day of ore treatment, and during the month of April it enters its final phase to reach design capacity.

Pit Inca, in El Salvador, presents a total advance of 30.6%. The prestripping works continue their development and during the month of March the permit for major hydraulic works was obtained from the General Directorate of Waters, which enables the start of works on the Pampa Austral dam.



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