Our main economic and financial results
Our commercial management’s fundamental challenge is to maximize production value and the return on sales, and ensure the viability of the copper business in the future. For this reason, our marketing strategy is centered on the development and defense of international markets, with special attention to sustainable practices, acting with the highest quality standards.
2011 was a good year. Regarding surplus, we amounted US$ 7,033 million, exceeding the previous year’s figure by 21.2 %. With this result, we achieved first place in the profits ranking of firms that operate in Chile.
Therefore, our contribution to the Treasury in 2011 was also higher, amounting US$ 6,980 million. These results are largely explained because the price of Codelco metals and by-products behaved favorably.
Contribution of surpluses
(2.10)
Awards received in the reporting period.
Codelco ranked among the top 10% of
companies in the mining industry, with
the best sustainability performance, according
to the methodology used by the
Dow Jones Sustainability Index.
2011: HISTORIC PRODUCTION RECORD
In 2011 we produced 1,796,169 fine metric tons (fmt) of copper, through all our production centers, Minera Gaby SpA and 49% of Minera El Abra. This is the highest figure in our history.
Also, the production of molybdenum, our main byproduct, reached 23,098 fmt, also higher than that of 2010.
SALES
Total revenues for sales of copper, molybdenum and byproducts reached US$ 17,515 million during 2011, 9% more than in 2010.
As every year, cathode copper is our best-selling product: 81% of a total of 1,933,957 fmt of copper sold.
COST
Total costs and expenses, which include all non-operational expenses, reached an average of US$ 205.6 cents per pound of copper produced, slightly higher than in 2010.
The net cost to cathodes remained at 171.6 cents (similar to 171.7 cents of 2010). For its part, the direct cash cost reached 116.4 cents a pound, which is 12 cents higher than in 2010.
MAJOR MARKETS
During 2011, we shipped 1.93 million fmt of copper, slightly lower than what was marketed in 2010. Our main market continues to be Asia, followed by Europe and North America.
On the contrary molybdenum sales increased by 7.2% with regards to the previous period. Also, unlike what happens with copper markets, one of its main markets is South America.
