Codelco, Chile's state-owned copper mining company, announced better than expected third quarter results on 25 November 2016. Third quarter profits reached US$79 million, marking the second consecutive profitable quarter. However, on a yearly basis, the company still has losses of US$18 million for 2016 (La Nación). The main causes behind increased profitability include a rise in productivity levels, and appreciation of the US$. Codelco produces 11 percent of the world's copper and has generated revenues of US$733 million for the Chilean government so far in 2016 (BioBio).