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

We reached an agreement earlier this month with Codelco to repay $7.3 million due to them in respect of negative trade settlement adjustments, which were caused by the sharp drop in copper price in Q1.
product/material produced