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February 13, 2016 6:46 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 Reportedly Interested In Buying Interest In El Abra Mine

Corporación Nacional del Cobre de Chile (Codelco) does not rule out becoming full owner of the El Abra mine in northern Chile by acquiring the remaining 51% from Freeport-McMoRan Inc. (NYSE:FCX), Chilean business daily Diario Financiero (DF) reported on January 6, 2016, citing Codelco head Nelson Pizarro.s

Codelco, Enami EP Sign Llurimagua Joint Venture Agreement

Codelco and Enami EP have signed an agreement to form a joint venture to develop and operate the Llurimagua project in Ecuador. The copper-molybdenum project is located in Imbabura province, some 80km northeast of capital Quito. As of November drilling had reached closed to 13,000m in 12 holes out of a planned 15,000 for this year.

Codelco Reports Earnings and Production Results for the Nine Months Ended September 2015; Provides Production Guidance for 2016

Codelco reported earnings and production results for the nine months ended September 2015. For the period, the company reported its profit plunged by 47% in January to September 2015 from the same period a year before because of tumbling prices for the metal. The company earned $1.2 billion compared to $2.3 billion in the same period a year ago. Earnings before interest, taxes, depreciation and amortization decreased 27.9% year-on-year, to $3 billion. The results were heavily affected by the 18% decrease in copper prices in the first nine months of 2015 from a year earlier, as well as by the 40% drop in the molybdenum prices in the same comparison. Falling prices were partially offset by Codelco's efforts to reduce costs, which also involved the lay-off of management positions and the decision to reformulate Andina's expansion project. For the period, the company's production rose by 2.3% to 1.26 million metric tons despite falling ore grades. The company expects production in 2016 to remain around the same levels as 2015, but the company signaled that production cuts could take place if copper prices ‘fall significantly’.

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