Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Codelco’s copper production increased by 52,000mt to 796,000mt in Jan-June, up by 7pc from 744,000mt in H1, 2020. Codelco achieved a surplus of $3,675mn, a 10-fold increase from the prior year period. The rise resulted from operational continuity, good process management, higher copper prices, and lower-than-estimate costs.


Direct cost (C1) reached ¢134.7/lb, a 3.7pc from the same period in 2020.


The net cost to the cathode reached ¢221.0/lb, 6.4pc higher than H1, 2020. Increased indirect cost, the impact of the lower exchange rate in liabilities in pesos were also significant reasons.


Codelco’s Ebitda climbed to $5,160mn, up by 174pc from the first six months of 2020, with a margin of 52pc. 

Project updates

 Chuquicamata Subterránea, inaugurated in 2019, continues to reach the goal of 140,000mt extraction per day.


The primary crusher at Traspaso Andina is 97.1pc complete. The secondary crusher is undergoing the load tests of the overhead crane.


The Andes Norte at Teniente Project is 68.5pc complete. Meanwhile, the early works of Diamante reached 71.8pc, and those of Andesite reached 82.6pc.


Rajo Inca project in Atacama is 13.6pc complete. Pre-production development operations and construction of roads began in June, mentioned the release. 


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