Chile’s state-owned mining giant Codelco, one of the world’s largest copper producers, has fallen further behind its production targets in May, according to an internal document obtained by Reuters. The document shows that Codelco produced 103,100 metric tons of copper in May, which is 8.6% below its target of 112,800 tons.
The company’s copper production in the first five months of 2023 was 6.1% off its target, the document revealed. Codelco has yet to publicly release its May production data, and the company did not immediately respond to a request for comment.
Codelco has been struggling to revive its copper production, which hit a 25-year low in 2023. The company was affected by a deadly accident at its Radomiro Tomic mine in March, which led to a stoppage at the site during the investigation.
Codelco’s CEO has pledged to boost output this year after the company’s worst performance in around a quarter of a century in 2022. The company has also shaken up its leadership in recent months in an effort to address the production challenges.
To extend the life of its operations, Codelco is pushing ahead with its new Rajo Inca project and plans to begin partial operation of an expansion of its El Teniente underground mine by the end of 2023.