Codelco to cut 2015 costs by $1bn as copper price plummets

World No 1 copper miner Codelco will slash costs by $1-billion in 2015 and cut direct cash costs by $0.193/lb of copper at its operations, CEO Nelson Pizarro said Friday, as the price of the base metal slumped to multi-year lows. Still, none of the Chilean state-run copper miner's large investment projects will be at risk and no personnel will be laid off, Pizarro said.