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Codelco, Chile's national copper company, the world's largest copper miner, has revealed that the new coronavirus pandemic will have an economic impact of $210 million on the company, of which $138 million is due to continuity of operations and production, and the rest is due to expenditures on logistics, transportation, new facilities and procurement supplies
.
With the onset of spring in the southern hemisphere, the number of confirmed cases in Chile has been steadily declining
.
Gerhard von Borries, Codelco's vice president of projects, said about $124 million of the total amount will be used to keep its Chuquicamata, Radomiro Tomic and El Teniente units running
"as usual.
"
Mining activity in Chile remains a bright spot during the viral pandemic, with the economy dependent on metal exports
.
Even at the peak of local outbreaks in May and June, much of the country's sprawling copper mines maintained production
.
In a speech on Tuesday, Cochilco, Chile's government's copper commission, said labor productivity in the mining sector grew 25 percent in the third quarter and 28 percent
in the second quarter.
Codelco, which handed over all profits to the country, has a large amount of copper, representing 10% of the world's known proven and probable reserves, and about 11% of the world's annual copper production, with 1.
6 million tonnes
in 2019.
Codelco, Chile's national copper company, the world's largest copper miner, has revealed that the new coronavirus pandemic will have an economic impact of $210 million on the company, of which $138 million is due to continuity of operations and production, and the rest is due to expenditures on logistics, transportation, new facilities and procurement supplies
.
With the onset of spring in the southern hemisphere, the number of confirmed cases in Chile has been steadily declining
.
Gerhard von Borries, Codelco's vice president of projects, said about $124 million of the total amount will be used to keep its Chuquicamata, Radomiro Tomic and El Teniente units running
"as usual.
"
Mining activity in Chile remains a bright spot during the viral pandemic, with the economy dependent on metal exports
.
Even at the peak of local outbreaks in May and June, much of the country's sprawling copper mines maintained production
.
In a speech on Tuesday, Cochilco, Chile's government's copper commission, said labor productivity in the mining sector grew 25 percent in the third quarter and 28 percent
in the second quarter.
Codelco, which handed over all profits to the country, has a large amount of copper, representing 10% of the world's known proven and probable reserves, and about 11% of the world's annual copper production, with 1.
6 million tonnes
in 2019.
