Codelco surplus falls 8.3% in 2007

SANTIAGO.-  Codelco, the world’s number-one copper producer, has reported an 8.3%  fall in surplus amidst a reduction in copper production.

Codelco hast reported a surplus of $8.451 billion U.S. dollars between January and December of 2007, compared to $9.215 billion U.S. dollars in 2006 – a record-setting figure for the history of mining. 

Surplus (before taxes on profit and outstanding items) is Codelco´s most important financial indicator.  The company issues the resources, which have benefited from a surge in international copper prices, to the Chilean treasury.

Production

The company also reported a drop of 5.5% in copper production between January and December of 2007, compared to the previous year.

Codelco´s CEO, José Pablo Arellano, has stated that the company’s copper production in 2007, which does not include the El Abra mine, was 1.58 million tons, compared to the 1.67 million tons produced the year before.