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Expert blames the board of Codelco for worsening the corporation’s economic crisis

AFP | Yasin Akgul
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Economists reiterated their concern in front of the economic weakness of Codelco, and have blamed the board of directors from the company of being responsible for the mining corporation’s crisis.

As a result of the statement from the Codelco’s executive president, Nelson Pizarro, to La Tercera, many economists expressed they are worried due to the adjustments made by the copper company.

In the face of the arguments pronounced by Pizarro, the expert Sergio Morales, assured that it’s not necessary waiting for results of the entire year to know the things you have been doing wrong, and make adjustments.

Therefore, considering this background, the economist blames the board of Codelco, for the economic situation that this corporation is going through.

However, the expert in economic matters, Uri Warner, clarified that his criticism relate to the delayed reaction of the company for reducing costs, and not against the accounting adjustment that Pizarro is defending.

The reactions above came on, once Codelco revealed the loss of more than 2400 million dollars along 2015, due to the fall of copper prices.

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