SANTIAGO, Nov 4 (Reuters) - Chile state copper firm Codelco said on Wednesday it was looking to slash costs by around 50 cents per pound as it tries to readjust to a slide in the price of the base metal.
Codelco, the world’s biggest copper producer, is aiming to make the reduction over the next ten years, said Chief Executive Officer Nelson Pizarro at a company event.
In the first half of 2015, Codelco’s direct cash cost was $1.40 per pound of copper. A lower oil price has helped bring costs down, but the falling copper price has eaten into profits. (Reporting by Fabian Cambero; Writing by Rosalba O‘Brien; Editing by Jeffrey Benkoe)