Chile's Codelco reports $2.078 bln pre-tax profit in 2020

Chile´s Codelco, the world´s top copper producer, reported pre-tax profits of $2.078 bln in 2020 and said it had upped output from its own mines by 2% to 1.618 mln tonnes, despite being forced to rely on skeleton crews for almost half the year amid strict measures aimed at curbing the coronavirus outbreak.

The company said an 8.6% drop in direct cash costs to $1.294 per pound had helped bolster profits.