Take context from the input text and decide on the accurate relationship between 'Codelco' and 'copper' from the options provided.
Options: owner of, headquarters location, position held, product/material produced

SANTIAGO, Sept 28 The world's No.1 copper producer Codelco said on Monday that it was reducing the number of executives on its payroll by 15.6 percent, as the Chilean state-owned miner cuts costs in the face of tumbling prices for the industrial metal.
product/material produced