VOICED : Codelco se ajusta el cinturon

Codelco, the world's largest copper producer, is implementing cost-cutting measures due to a drop in copper prices caused by reduced Chinese demand. The company aims to cut direct costs by 11%, saving $574 million. Despite these cuts, Codelco plans to maintain production levels and avoid layoffs. The Chilean economy, heavily reliant on copper prices, must also fund free higher education for poorer students as part of educational reforms.

What is the main reason for Codelco's new strategy of doing more with less?

• New government regulations

• Drop in copper prices due to decreased demand from China

• Technological advancements in mining

• Increase in global copper demand

By how much does Codelco aim to reduce its direct costs?

• 11%

• 5%

• 20%

• 15%

What is the equivalent monetary reduction Codelco aims to achieve in its direct costs?

• $650 million

• $600 million

• $574 million

• $500 million

What does Codelco's new cost reduction program anticipate for 2018?

• Decrease in global demand

• Recovery of copper prices

• More layoffs

• Increase in production

What significant social initiative does Chile plan to fund with its budget?

• Healthcare for all citizens

• Free higher education for the poorest students

• Infrastructure development

• Subsidies for renewable energy