WBMS: World Copper Metal Balance in Deficit Until May

Codelco reported surplus of $2,377 million and $1,671 million as contribution to the State.

SEATTLE (Scrap Monster): Chilean state miner and leading copper producer Codelco posted fall in copper output during the initial six-month period of the current year. The production of the metal totalled 736,000 tonnes between January and June in 2022, significantly lower by 7.5% from H1 2021.

The production was affected by lower grade of ore in the Ministro Hales mine and lower processing rates and copper recovery in the Chuquicamata and El Teniente divisions, the company press release noted.



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Codelco reported surplus of $2,377 million and $1,671 million as contribution to the State. The direct cash costs surged 11.8% during this period to $1.51 per pound of copper, mainly driven by escalated input price in the industry. Meantime, the rapid fall in copper prices led to 4.4% dip in revenues from copper sales, compared to the first six months of 2021.

During H1 this year, the company reached historical indicators in occupational health and safety. However, accidents claimed the lives of two of Codelco’s contractor company employees during the beginning of H2.

Also, the company reported significant progress in its sustainability efforts. It reached an agreement with the Chilean government towards reinvestment of profits. The signing of contract for the construction of a desalination plant and the proposed cessation of the Ventenas smelter were other key milestones during the period.

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