Codelco surplus grows 13% to more than USD $2 billion during first trimester

SANTIAGO.- Codelco, the world’s largest copper producer, announced a first trimester surplus of USD $2.023 billion on Tuesday.  The figure is 13% greater than the number reported for the same time period during last year, due to the red metal’s current high prices.

The surplus –which is the amount before taxes on income and extraordinary items— is the most important financial indicator for Codelco, which turns over all profits to the Chilean government.

Results from previous years

In 2006, with the price of copper at USD $ 3.05 per pound, Codelco earned USD $9.215 billion – the highest amount in the company’s history.  The next year, copper rose by 6%.  Codelco´s surplus however, contrary to what one may have expected, fell by no less than USD $760 million. 

Last year, the mining company reported a surplus of USD $ 8.451 billion, equal to almost one fourth of the entire 2008 fiscal budget.  For Codelco, 2007 was a good year, reflected by the fact that the company’s contribution to the state was USD $1 million per hour.