SANTIAGO, May 1 — Chile’s state-owned Codelco, the world’s largest copper-producing company, yesterday reported profits of US$1.6 billion (RM6.5 billion) for the first quarter of 2021 — its best performance in a decade due to higher production and better prices.

In 2020 as a whole, the company reported profits of more than US$2 billion, 55 per cent higher than the previous year despite the coronavirus pandemic.

As a state-owned company, Codelco hands all its revenue over to the treasury.

Codelco, which produces eight per cent of the world’s copper, said the improved numbers were the result of higher production and sales, and better prices for the metal, among other things.

On Thursday, the price of copper exceeded US$10,000 for the first time since February 2011 thanks to strong demand in China and a weak dollar.

Between January and March, production reached 386,000 tonnes of fine copper, 25,000 tonnes more than in the same period last year.

The cost of production, which continued despite the pandemic, dropped 0.2 per cent.

The outbreak did, however, impact on structural expansion projects, which has been "slower due to health measures” to prevent infections. — AFP