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Codelco forecasts US$14bn revenues for 2019

Bnamericas Published: Tuesday, March 05, 2019
Codelco forecasts US$14bn revenues for 2019

Chilean state copper producer Codelco has optimistic forecasts for this year. With an estimated copper price of US$3/lb (US$0.5 higher than in 2018), the company expects to generate nearly US$14bn in revenues in 2019, while operating costs are expected to be US$9.9bn.

In line with these results, the company's earnings before tax for 2019 are expected to be US$2.8bn and total profit should reach US$512mn, Codelco said in a filing to the finance ministry's budget office.

The state-owned company is also optimistic regarding copper production. Codelco expects to produce 1,730Mt of the red metal compared to 1,677Mt in 2018.

Last week, the government handed Codelco the remaining US$400mn of the US$1bn "extraordinary" capitalization it promised in 2018. The investment will help support plans to kick off underground operations at Chuquicamata mine in northern Chile.

Codelco's investment plan includes US$3bn for 2020, US$2.3bn for 2021, US$1.15bn for 2022 and US$603mn for "the following years," added the company in the filing.

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