Codelco to slash costs by $1B on back of copper price slump
MINING.com Editor | February 1, 2015
Codelco, the world's largest copper company, is planning to reduce costs by $1 billion in 2015, as the copper price remains mired in lows not seen since recessionary 2009.
Speaking to journalists on Friday, Codelco's CEO, Nelson Pizarro, said the company aims to cut direct cash costs by $0.193 a pound, Reuters reported, against average cash costs of $1.537 per pound between last January and September.
The austerity measures will not result in layoffs, nor will the company's large investment projects be put at risk, according to Pizarro. Half a billion in efficiencies will be gained by renegotiating energy contracts – made possible through slumping oil prices – along with a lower Chilean peso, which has weakened around 25 percent versus the US dollar, said Reuters, quoting Pizarro.
The Chilean state-run miner is also looking to boost copper production by 35,000 tonnes in 2015, thereby putting another $200 million into its treasury, the publication notes..
Quelle: kitco.com
Quelle: kitco.com
Quelle: kitco.com
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