Codelco's profits halve; may cut output if copper prices fall significantly

Codelco's profits fell by almost 50% in the first nine months of 2015 amid the slump in copper prices, the Chilean state-owned miner said on Friday November 27.

The world's largest copper producer reported a profit of $1.2 billion from January to September 2015, against $2.3 billion in the corresponding months of last year.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) in the year to September decreased 27.9% year-on-year, to $3 billion.
The results were heavily affected by the 18% decrease in copper prices in the first nine months of 2015 from a year earlier, as well as by the 40% drop in the molybdenum prices in the same comparison.

Falling prices were partially offset by Codelco's efforts to reduce costs, which also involved the lay-off of management positions and the decision to reformulate Andina's...

Published

Danielle Assalve

November 30, 2015

00:45 GMT

Sao Paulo