Codelco to cut operations as coronavirus spreads
2020-03-19 11:59:57 [Print]
Chilean copper miner Codelco said on Wednesday it would reduce its operations to comply with a state of catastrophe announced by the government in a bid to curb the spread of coronavirus.
The miner said it would maintain operational continuity for a period of 15 days from March 19.
Codelco in a statement acknowledged the risk of the economic impact for workers, contractors, the state-owned company and the country. Copper mining has accounted for an average of 10% of Chile's gross domestic product (GDP) for the last two decades.
But it said that the state of catastrophe announced by government imposed strict limits on movement and left it with no choice but to curtail its operations.
The company said it would be permanently evaluating how to return to normal operations, without prejudice to other resolutions that may come from the authorities.
The miner said it would maintain operational continuity for a period of 15 days from March 19.
Codelco in a statement acknowledged the risk of the economic impact for workers, contractors, the state-owned company and the country. Copper mining has accounted for an average of 10% of Chile's gross domestic product (GDP) for the last two decades.
But it said that the state of catastrophe announced by government imposed strict limits on movement and left it with no choice but to curtail its operations.
The company said it would be permanently evaluating how to return to normal operations, without prejudice to other resolutions that may come from the authorities.
Copper Conc. TC 25%min CIF China
Unit:USD/mt
China copper concentrate producers' operating rate statistics by province by month
Unit: %
