This Thursday Codelco reported its results at the end of 2023, reporting an alarming figure: the copper company had net losses of 591 million dollars, representing a drop of 263% compared to the previous year.
This decrease is due – according to the company – mainly to the increase in costs and the 10% that was obtained from sales through the Reserved Copper Law.
In addition, production registered a drop of 8.4% compared to the previous year, due – as they argued – to various operational difficulties in fields, such as Teniente, Chuquicamata, Rajo Inca, among others.
For its part, in the period, Ebitda – profits before taxes, interest and depreciation – reached US$4,184 million, which represents a drop of 26% compared to 2022. The above shows a loss of 1,472 million dollars from 2022 to 2023.
In detail, they argued that this decline is due to the incidence of lower copper sales, higher production costs, a drop in the sale of molybdenum metal, lower results from associates and a decline in the sale of byproducts and minerals. third parties.
Regarding gross profit, as of December 31, 2023 Codelco Chile generated a gross profit of US$3.12 billionhaving a lower performance than what happened in 2022, when gross profits of 4,734 million dollars were obtained.
This variation is mainly explained by: lower income from the sale of own copper, with a drop of 9%, associated with the weak sales volume as a consequence of lower production (8%).
It is worth mentioning that, according to Codelco, andIn 2023, contributions to the Treasury reached 1,426 million dollars, fulfilling the commitment to the Treasury – established in the budget decree of November 2022 – of 1,311 million dollars.
However, the executive president, Rubén Alvarado, highlighted that, although it was a complex exercise in terms of production, Going forward they hope to recover – gradually – until returning to a production of 1.7 million tons by the end of the decade.
