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Home / Metal News / Codelco Posts Record Loss in 2015 Despite Cost Cuts

Codelco Posts Record Loss in 2015 Despite Cost Cuts

Mar 25, 2016 11:48

Source:SMM

Codelco, the world’s largest copper producer, posted a record loss in 2015, it said on Mar. 24.

SHANGHAI, Mar. 25 (SMM) - Codelco, the world’s largest copper producer, posted a record loss in 2015, it said on Mar. 24.

The Chilean miner reported a pre-tax loss of $2.19 billion in 2015, compared to a $3.03 billion profit in 2014, according to its report on Thursday, despite cost cuts after after copper prices tumbled.

In 2015, production costs were $1.39 per lb, down $0.08 from 2014, the company said.

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