Chile's Codelco sees big jump in profit in the first nine months of 2020

14:46 PM | November 6, 2020 | Daniel Marshall

Codelco’s profit for the first nine months of this year jumped 86% year over year (YOY) to $1.124 billion, amid increase in production, operation of the smelters and the higher sales of copper and molybdenum.
According to the state-owned miner’s third-quarter results, copper production rose 4% YOY to 1.165 million metric tons in the first nine months. While the gross profit from copper sale was up 34% YOY to $1.6 billion from January to September, the gross profit from the sale of “by-products and others” was down 13% YOY to $310 million over the same period.
The company also updated its Chuquicamata underground project, noting that it is 99.5% completed.
“Due to the health crisis, works were halted in June and gradually restarted in August. The project is in the process of completing the remaining works and the integrated operating system,” said the statement.