Weekly Report - 04 March 2021 (WR-21-09)


CHILE | Codelco profits. Chile’s state-owned mining firm reported on 26 February that it posted profits of US$2.07bn in 2020, a 55% year-on-year increase. A statement by the company said that the increase in profits was the result of higher copper prices in international markets and a rise in production. Codelco noted that even though the coronavirus (Covid-19) pandemic negatively impacted global economic activity, and even forced it to reduce operations, it managed to increase production by 1.9% compared with 2019 to 1.6m tonnes and at the same time cut costs by 8.6%.

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