Codelco Reports Loss Despite Rise in Output

Mining Weekly reported that Codelco saw a pre-tax loss of $2.19 billion last year despite a 3.6 percent increase in output. That’s the worst result for the company since the 1990’s.
As quoted in the publication:

The fall in the copper price, sparked by cooling demand in key buyer China, has forced the centre-left government of President Michelle Bachelet to curb budget spending and reduce economic growth forecasts.
Codelco said its production cost per pound was $1.39 in 2015, down 8% from the previous year.

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