Results

Key Perfomance Indicators

Economic-Financial Results

In 2015, we reduced costs and improved productivity, offsetting decline in copper prices.

In 2015, pre-tax profits were primarily affected by falling copper and by-products prices; but this was partially offset by the Company’s continuity plan, reducing costs and increasing productivity. Pre-tax profit refers to earnings before tax and Law 13,196 that levies a 10% tax on return on foreign sales of own-sourced copper and by-products.

Copper market

In 2015, 64% of our production was marketed in Asia

The average LME copper price was US$ 249.2 ¢/lb in 2015, a 20% fall year on year, when the average reference price was US$311.3¢ /lb.

Subsidiaries and Associates

We have a network of 52 subsidiaries and associates, to generate value for Codelco.

Codelco is a majority or minority shareholder in a network of companies and partnerships to create value.

Codelco has a network of subsidiaries and associates in different areas, such as mining, developers of new uses for copper, mining processing plants, research and technology companies and health institutions.

Procurement

We did business with 3,700 local and foreign suppliers in 2015.

Codelco uses many inputs and services for its operations, projects and investments; therefore we need to build trustworthy and competitive relationships with our suppliers.