Profit of the world’s largest copper producer Codelco fell by 65% in 9 months
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Pre-tax profit of the world’s largest copper producer, the Chilean company Codelco, fell by 65% in the first nine months of 2023, to $917 million. EBITDA (earnings before interest, taxes, depreciation and amortization) in the same period decreased by 31%, amounting to $3.2 billion.
The deterioration of indicators is associated with a decrease in production. Product output decreased by 9%, to 966 thousand tons. At the same time, copper prices declined during the year due to a decrease in demand caused by the macroeconomic situation in the world and a slowdown in production in China. At the same time, Codelco faced rising production costs.
However, it is worth noting that the company’s performance began to improve in the third quarter. Copper production increased by 2.1% and amounted to 333 thousand tons.
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