Codelco is the main copper producer in the world. The Corporation also controls around 10% of the world reserves of this metal. The Name Codelco represents the Corporación Nacional del Cobre de Chile, an autonomous company owned by the Chilean State which main business is the exploration, development and exploitation of copper mineral resources and byproducts, their processing to refined copper and its commercialization.
Codelco has more than US$ 20.835 billion in assets, and in 2011, its equity totalled US$ 6.065 billion. In 2011, Codelco produced 1.79 million metric tons of refined copper (including its interest in El Abra mine). This figure is equivalent to 10 % of the world copper production. Its key commercial product is Grade A copper cathodes.
The Company develops its operations through six mining divisions plus the Ventanas Smelter and Refinery, owned by Codelco since May 2005. Its corporate strategy is coordinated from its Head Office in Santiago, Chile.
The Company also has ownership interest in several important mining companies, such as in Minera Gaby S.A., where it holds 100%, and El Abra, with a 49% stake; and other mining partnerships in geological operations both in Chile and abroad
El Teniente, one of Codelco mining divisions, with 2,400km of tunnels, is the world’s largest underground copper mine. It uses for its operations the only Class 1 railroad in Chile.
Relationship with VCI: VCI, partnering with Axion International and MPE Insumos Ferroviarios is supporting a test of Axion’s ECOTRAX railroad ties, as a first step towards their introduction in Chile.