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September 04, 2015 7:26 PM ET

Metals and Mining

Company Overview of Corporación Nacional del Cobre de Chile

Company Overview

Corporación Nacional del Cobre de Chile engages in the exploration, development, and exploitation of copper mineral resources and byproducts in Chile. Its principal product includes copper cathodes. The company also produces copper concentrates; blister and anode copper; and by-products, such as molybdenum, anode slime, and sulphuric acid. In addition, it manufactures wire rods, a semi-manufactured product that uses copper cathodes as raw material. The company exports its products to Asia, Europe, South America, North America, and Oceania. Corporación Nacional del Cobre de Chile was founded in 1976 and is headquartered in Santiago, Chile.

Huérfanos 1270

PO Box 150-D

Santiago,  

Chile

Founded in 1976

Phone:

56 2 690 3000

Key Executives for Corporación Nacional del Cobre de Chile

Chief Executive Officer
Chief Financial Officer and Vice President of Administration and Finances
Vice President of Operations
General Manager of Cms Chile S A
General Manager of Chile Copper Ltda
Compensation as of Fiscal Year 2015.

Corporación Nacional del Cobre de Chile Key Developments

Codelco Moves 2 Big Projects to the ICU

Codelco has decided to reformulate two massive expansion projects that form part of its USD 25 billion investment portfolio in an effort to address some issues regarding their viability and costs. As a result of the review, the company decided to withdraw the environmental impact study for the Andina 244 expansion at its Andina division, perhaps the project in its portfolio facing the biggest challenges in terms of community opposition and water issues. The original USD 6.81 billion project was designed to add 350,000t/y of fine copper production, extending Andina's life of mine for 65 years. However, the project has faced serious opposition from local communities, NGOs and legislators, given its close proximity to capital Santiago, as well as its potential impact on the area's glaciers and water resources. Andina 244 had already been modified in July 2014 to reduce its impact. The revamped project will substantially reduce the investment amount and construction time, and maximize the use of its water resources in order to lower the overall water footprint.

Codelco Announces Earnings and Production Results for the First Half of 2015

Codelco announced earnings and production results for the first half of 2015. The company said its profit plunged more than 30% in the first half of 2015 from the previous year because of tumbling prices for the metal. The company said it earned $875 million in the first semester compared to $1.3 billion in the same period a year ago. The company saw its pre-tax profit fall 33% to $875 million in the first half despite an increase in production and a double-digit decline in costs. Revenue was down 11% to $5.87 billion, with sales from company's own copper production down 12% to $4.424 billion, while those from its JVs at El Abra and Los Bronces was 6% lower to $935 million. The company's production rose by 5.5% in the first semester to 910,000 metric tons. Copper production from company's own mines in the six months was up 5.5% to 831,000 tons.

Codelco Reports Earnings and Production Results for the First Quarter of 2015

Codelco reported earnings and production results for the first quarter of 2015. The company's profit plunged more than 40% in the first quarter of 2015 from the previous year because of tumbling prices for the metal. The company earned $312 million in the first quarter compared to $539 in the same period a year ago. Codelco's production, however, rose 3% in the first quarter to 394,000 metric boosted by new mining projects.

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