Codelco, the prominent Chilean state miner and the world’s largest copper producer, revealed in a statement on Thursday that its copper production for the first quarter of 2024 approached approximately 300,000 metric tons.
Maximo Pacheco, the Chairperson of Codelco, conveyed to lawmakers during their visit to the major Teniente mining complex that the company is in a phase of recovery and is poised to sustain this positive trajectory. He emphasized the collective efforts of all employees in striving to achieve production targets and address challenges related to declining production levels and project delays.
Pacheco attributed the decline in production over recent years to various factors such as reduced ore grades, incidents like a pit wall collapse, disruptions in project ramp-ups, as well as environmental events including weather adversities and seismic activities prevalent in Chile, situated atop a seismic belt known for earthquakes and volcanic activity.
Moreover, he noted that project approval delays led to multiple significant projects commencing simultaneously, contributing to operational complications.
Senator Juan Luis Castro, leading the committee overseeing the visit, emphasized the necessity for expedited decision-making processes. He indicated that Codelco’s senior leadership would be summoned again later in the month to provide further insights and discuss potential legislative actions to support the miner’s future endeavors.
In addition to its copper operations, Codelco has been entrusted with negotiating public-private partnerships within the lithium mining sector as Chile aims to enhance state involvement in the critical battery metal industry. Notably, Codelco faced its lowest output levels in a quarter of a century last year, underscoring the challenges and transformations within the mining landscape.