Codelco

from Wikipedia, the free encyclopedia
Codelco

logo
legal form State-owned company
founding April 1, 1976
Seat Santiago , ChileChileChile 
management Nelson Pizarro Contador CEO
Number of employees 64,418 (2014)
sales US $ 13.8 billion (2014)
Branch Mining
Website www.codelco.com

Codelco ( Co rporación Nacional del Co bre de Chile; Codelco Chile for short ) is a Chilean copper mining group. It is the largest copper producer and the second largest molybdenum producer in the world. In 2015, 1.9 megatons of fine copper and 28 kilotons of molybdenum were produced and a surplus of 1.08 billion US dollars was generated. Codelco is a state-owned company organized under private law, wholly owned by the Chilean state, structured in eight divisions (7 mines and 1 refinery). There are numerous subsidiaries and holdings around the world.

history

At the beginning of the 20th century, the until then moderately developed and stagnant Chilean copper mining was industrialized on a large scale by US entrepreneurs. In 1904 the Braden Copper Company began expanding the El Teniente mine. The company was a subsidiary of Kennecott Copper Corporation controlled by the Guggenheim family and the banker J. P. Morgan . In 1910 the Chile Exploration Company started expanding Chuquicamata . In the 1920s, Andes Copper Mining began to exploit the Potrerillos (now Mina Vieja), Indio Muerto, Salvador and La Africana mines. These companies were controlled by the Anaconda Copper Company, owned by the Rothschild and Rockefeller families . In 1955, the Cerro Corporacion Company began exploring copper deposits and opened the Río Blanco Mine in 1970. The surpluses of these foreign capital controlled copper mines in Chile were exorbitant compared to the rest of the economic output in Chile. By the early 1970s, the four major US mining companies generated $ 10.8 billion over the course of 60 years, almost as much as the Chilean national wealth generated over the course of 400 years, which was estimated at $ 10.5 billion .

In 1955 the Chilean state began to fiscalize the copper industry with the help of the Departamento de Cobre in order to secure a minimum income for the state and to promote the development of the copper industry. In 1967, under the government of Eduardo Frei Montalva , the Chilean state acquired substantial shares in the large copper industry. New companies were founded that took over the large mining companies with a capital increase and thus introduced the state as a shareholder. In 1967 the Chilean state acquired a stake of 51% each in El Teniente, Chuquicamata and Salvador and 25% each in Exótica and Andina. In 1971, under the socialist government of Salvador Allende , the copper industry and ownership of all ore deposits was completely nationalized. Management was taken over by several state-owned companies whose shareholders were the Corporación del Cobre (95% share), successor to the Departamento de Cobre, and the Empresa Nacional de Minería (5% share). After the military coup on September 11, 1973 , the expropriated investors were compensated by mutual agreement and the large copper industry remained the property of the Chilean state.

The Corporación Nacional del Cobre de Chile (Codelco) was officially founded by a law passed on April 1, 1976 and took over all state-owned companies in the copper industry. Today the group is divided into the eight divisions Radomiro Tomic, Chuquicamata, Gabriela Mistral, Ministro Hales, Salvador, Andina, Ventanas and El Teniente, which are named after their work centers and which operate seven mines and one refinery. There are numerous subsidiaries and interests in other companies in the mining, trading, electricity, research and technology, manufacturing, investment, seaports, and health and pension sectors. In Germany these are the trading companies Codelco Kupferhandel GmbH (100% Codelco), CK Metall Agentur GmbH (100% Codelco Kupferhandel GmbH) and Deutsche Giessdraht GmbH (40% Codelco Kupferhandel GmbH, 60% Aurubis AG ).

Positioning in the market

This article or section needs to be revised. Details should be given on the talk page. Please help to improve it , and then remove this flag.

About half of Chile's copper reserves are owned by Codelco. That is about a fifth of the world's occurrences. In 2004 the company produced 1.9 million tons of fine copper; 13% of world production. With a turnover of almost $ 11 billion, Codelco generated in 2005, $ 4.9 billion profit before taxes . In the first half of 2006 alone, profits of $ 4.6 billion were recorded, twice as much as in the corresponding period last year.

In 2005, an IPO was briefly considered, but the state was to retain the majority. However, after the election of Michelle Bachelet as Chilean Prime Minister in January 2006, this was no longer debated. Codelco is profiting greatly from the boom in the People's Republic of China . Growing demand drove copper prices up and secured the order situation.

In the first quarter of 2010, the amount of copper produced rose by 12,000 tons to a total of 402,000 tons, despite the severe earthquake in the region. Codelco also mined 4,000 tons of molybdenum. The Codelco board expects to produce 1.7 million tons of copper in 2010.

The numbers were presented by Diego Hernandez, the new CEO . Pre-tax profit rose sharply from $ 275 million a year ago to $ 1.48 billion in 2010 as a result of the sharp rise in copper prices. Codelco passes all of its profits on to the Chilean state. The company is reforming and the influence of politics and the state is decreasing. Unlike its predecessors, Pinera no longer has the right to appoint Codelco's CEO (only the so-called Chairman).

International expansion

The company owns mines in Argentina , Chile , Peru , Canada , Pakistan, and the United States . In 2001 Codelco and the Canadian company Noranda bought the copper producer Río Algom for 800 million US dollars. Codelco is exploring the Intag rainforest in Ecuador .

Mines

Codelco operates the following copper mines in Chile (sorted from south to north):

  • El Teniente - In operation since 1905. The largest underground copper mine in the world. It has the largest known copper ore deposit with a content of around 100 megatons of fine copper. The total length of the excavated mines is more than 3000 kilometers. It lies with its emblematic ghost town Sewell in the Andes high mountains, about 80 km south of Santiago de Chile .
  • Andina (Río Blanco) - In operation since 1970. Opencast and underground mining.
  • Salvador - In operation since 1959. Opencast and underground mining.
  • Ministro Hales - In operation since 2010. Open pit mine.
  • Gabriela Mistral - In operation since 2008. Open pit mine.
  • Chuquicamata - In operation since 1915. The largest open pit mine in the world. It is located about 15 km north of the city of Calama .
  • Radomiro Tomic - In operation since 1997. Open pit mine.

statistics

Corporación Nacional del Cobre de Chile (Codelco for short - Chile), annual results of the entire group
year Employee Surplus
million USD 		Copper
kt		 Molybdenum
kt		 Silver
t		 Gold
t		 Sulfuric acid
kt
2015 1075 1891 28
2014 64418 3033 1841 31 635 2.6 2988
2013 66979 3889 1792 23 290 2.3 2767
2012 74726 7805 1758 20th 284 2.4 3130
2011 63311 7033 1796
2010 60588 5799 1760 22nd 394 3.5 3400
2009 66517 3948 1782 22nd
2008 58098 4970 1548
2007 61500 8460 1665
2006 50584 9215 1783
2005 50721 4901 1831 37
2004 45390 3301 1840 32
2003 43529 606 1674
2002 43496 369 1630
2001 36285 412 1699
1971 421 571

Total Codelco production from 1971 to May 2014: 54.7 million tons of fine copper.
Codelco total surplus from 1971 to 2014: $ 115 billion.
Reserves 2014: 125 megatons of fine copper (32% of Chile’s reserves, 9% of world reserves)

See also

Web links

Commons : Codelco  - collection of images, videos and audio files

Remarks

  1. ↑ For the Kennecott company, see: Kennecott Corporation History Lehman Brothers Collection Kennecott Coper Corporation Río Tinto, Kennecott Our History
  2. ↑ For the Guggenheim family, see: Meyer Guggenheim and Love in Gold Sal . In: Der Spiegel . No. 21 , 1978 ( online ).
  3. ↑ For the company see Anaconda Copper in the English language Wikipedia.

Individual evidence

  1. ↑ codelco.com
  2. ↑ a b c d e f g h i j k l Codelco Chile (ed.): Memoria Anual 2014 . Santiago de Chile April 2015 ( codelco.com [PDF; accessed April 18, 2015]).
  3. ↑ a b Codelco press release, March 24, 2016
  4. ↑ Alexander Sutulov, Carlos Correa Iglesias, Andrés Zauschquevich: El Cobre Chileno . Ed .: Corporación del Cobre. Universitaria, Santiago de Chile 1975 ( memoriachilena.cl [accessed May 2, 2015]).
  5. ↑ El Cobre . In: Sociedad Nacional de Míneria (ed.): 100 años de minería en Chile . 1st edition. Sociedad Editora Lead Ltda., Santiago de Chile 1983, p.  123-198 ( memoriachilena.cl [accessed May 10, 2015]).
  6. ↑ Habitantes de Íntag preocupados por la exploración minera. Retrieved December 16, 2013 (Spanish).
  7. ↑ Susy Garbay: Participación y activismo: La población de Intag frente a la explotación minera. (PDF; 80 kB) Accessed December 16, 2013 (Spanish).
  8. ↑ Codelco Dirección de Comunicaciones (ed.): El Teniente . Minería del futuro. 2011 ( codelco.com [PDF; accessed March 28, 2015]).
  9. ↑ a b Thomas Keller Lippold , Iván Arriagada Herrera: Resultados Codelco Año 2013 . Conferencia de Prensa 28 de marzo de 2014. Ed .: Codelco-Chile. March 28, 2014 ( codelco.com [PDF; accessed January 16, 2015]).
  10. ↑ a b c d e Codelco Chile (Ed.): Memoria Anual 2010 . Santiago de Chile April 2011 ( codelco.com [PDF; accessed June 1, 2015]).
  11. ↑ a b c d e Codelco Chile (ed.): Memoria Anual 2005 . Santiago de Chile April 2006 ( codelco.com [PDF; accessed June 1, 2015]).
  12. ↑ a b 43 años . Cuando Codelco crece, Chile se desarrolla. In: Codelco Chile (Ed.): Codelco Informa . No.  45 . Santiago de Chile July 2014 ( codelco.com [accessed May 13, 2015]).