Codelco's FY'20 earnings, copper production up YOY

Chilean state-owned copper miner Codelco reported attributable net earnings of $243.0 million in full year 2020, climbing from $6.6 million in 2019.

Income from ordinary activities rose to $14.17 billion from $12.52 billion and EBITDA increased 30.8% to $5.29 billion, according to the company's financial statements released Feb. 25.

Codelco's total copper production was up 1.2% year over year to 1.7 million tonnes. The figure includes the company's share in its 49%-owned El Abra joint venture with Freeport-McMoRan Inc. and its 20% share in Anglo American Sur SA, which is also owned 50.1% by Anglo American PLC, 20.4% by Mitsubishi Corp. and 9.5% by Mitsui & Co. Ltd. Anglo American Sur owns the Los Bronces and El Soldado mines and the Chagres smelter.

Total molybdenum production in 2020 jumped 24.6% to 28,000 tonnes. Codelco's own copper sales grew 3% to 1.9 Mt, and molybdenum sales surged 20.6% to 28,000 tonnes.

The company's contribution to the Chilean Treasury, including income taxes and specific mining and export taxes, increased 29.2% year over year to $1.29 billion. Net financial debt was down 0.3% to $16.17 billion.