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Experts accuse Codelco of “delayed reaction” facing the drop in copper prices

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Codelco is facing the loss of more than US$2400 million, due to the fall of copper prices. This situation has awakened reactions between economic experts.

The economist Uri Wainer, showed his optimism in front of the measures taken by Codelco to increase its productivity. However, he was surprised at the late reaction of the corporation to avoid this kind of problems.

The reaction appeared after the company surpassed in 120% the goal of economize US$1000 million, where the high price of the dollar, would have also impacted.

On its behalf, Ian Thomson, economist from the Manchester University, stated that Codelco is not making efforts to reduce costs, and that would be the reason why, the corporation has blamed the division of El Salvador, because it is generating high outlays, at the expense of low production.

But despite of the monetary loss, Codelco contributed to the state, a surplus of 1075 million dollars, 65% less than in 2014.

In front of the falling of copper prices, the economist Rafael Garay, has discarded future fiscal cutbacks.

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