We operate eight work centers located between the Antofagasta Region and the Libertador General Bernardo O'Higgins Region. Our Head Office is located in Santiago de Chile.
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Economic-financial results
In 2016, we delivered USD 500 million in pre-tax profits, reversing the negative trend during the first six months, when global mining was hit by falling copper prices.
Pre-tax profits refers to earnings before tax and Law 13,196 that imposes a 10% tax on export sales of own-sourced copper and by-products.
Our pre-tax profits in 2016 were USD500 million, down 53% from USD1.075* billion the previous year, mainly because copper prices fell by 11.5% and the negative effect of the dollar on our liabilities in Chilean pesos. However, this was mainly offset by lower costs, thanks to an aggressive strategic cost reduction and productivity plan.
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Copper market
Copper prices had a weak start last year, due to rising fears in the market of a weaker Chinese demand and the risks related to higher debt exposure shown by emerging economies in Asia, Europe and South America.
The average London Metals Exchange (LME) copper price was 220.6 US cents per pound (USc/lb.), i.e., USD 4.863 per tonne in 2016, down 11% from the average price in 2015 (249.2 c/lb.). However, the overall price trend in 2016 was positive, recording a minimum price of 196 USc/ lb. (4.311 USD/tonne) in January and reaching the highest price of 269 USc/lb. (5.936 USD/tonne) in November.
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Subsidiaries and associated companies
We have a network of 46 subsidiaries and associated companies, in which we are majority or minority shareholders. At the end of the year, our subsidiary Molyb started operation of the molybdenum processing plant, located in Mejillones.
Codelco participates in companies and societies of several types, such as mining, developers of new uses of copper, research and technology, mineral processing plants, electric power, ports and healthcare entities.
In addition, we are permanently seeking business opportunities in partnership with third parties, such as creating partnerships, acquisitions, mergers and sales.
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Procurement
We purchase many goods and services, including energy and fuel, strongly revitalising the country’s economy. In 2016 we did business with 3,227 suppliers, allocating more than USD 5.6 billion.
Contamos con un área de abastecimiento que conjuga las necesidades de bienes y servicios que requerimos, con las mejores opciones del mercado nacional e internacional.
