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Chile’s Codelco, the world's top copper producer, reaped the benefit of climbing prices for the red metal last year even as production costs rose, and is ready to post a profit of $2.88 billion for 2017, the company’s chairman has revealed.

Speaking to investors and students at the Faculty of Economics and Business at the University of Chile, Oscar Landerretche said Thursday the preliminary results are the best ones achieved by the company since 2014, local paper La Tercera reported (in Spanish).

The state-owned copper miner saw costs rise 7.8% the past year as it has been upgrading its aging mines and dealing with dwindling ore grades to remain a major global player. The ambitious investment plan, originally pegged at $25 billion, is now sitting at about $18bn.

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MARKET SUMMARY

INDICES

Name Last Change
DOW 24462.90 0.80%
S&P 500 2670.14 0.84%
NASDAQ 7146.13 1.29%
TSX 15484.32 0.19%
TSX-V 804.96 0.00%

Resource Commodities

Name Last Change
Gold 1326.00 0.72%
Silver 16.80 1.96%
Copper 3.13
Platinum 922.00 0.29%
Oil 68.38 0.13%
Natural Gas 2.74 2.88%
Uranium 24.25 N/A
Zinc 1.47 0.00%

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