Teplizky Says No Loss for Codelco

Minister of Mining Benjamin Teplizky says that the drop in income that state-owned copper company, Codelco, will experience this year due to the Sumitomo affair's effect on the price of copper is "about less income and not really about a loss for Codelco."

Last year the company made US$1.7bn with an average copper price of US$1.33 per pound and an increase of almost four times its value for molybdenum.

Teplizky indicated that this year income will fluctuate between US$1.2bn and US$1.3bn. This will be achieved by producing a greater quantity of copper and reducing production costs by US$0.07 per pound.