Codelco, Chile’s state-owned copper miner, reported a decline in copper production for the first nine months of the year, with key highlights including:
Production Figures: Codelco produced 918,000 metric tons of copper from January to September, down 4.9% compared to the same period last year. In the third quarter alone, production was 338,000 tons, reflecting a 2% increase year-on-year.
Challenges and Recovery Efforts: The company is addressing declining ore levels in its main deposits while striving to boost production amidst challenges with priority mining projects. CEO Ruben Alvarado noted a positive trend in production recovery during the last quarter.
Total Output Including Partners: When accounting for production from mining partners such as Freeport, Anglo American, and Teck, total copper output for the first nine months reached 1.002 million tons.
Financial Performance: Codelco’s copper production generated $612 million in pre-tax profits, a significant turnaround from a loss of $76 million in the same period last year. Core profits rose to $4.022 billion, up nearly 25% year-on-year.
2024 Production Projections: The company anticipates total copper production for 2024 to be between 1.325 million and 1.352 million tons, slightly lower than the initial estimate of up to 1.390 million tons.
Project Timelines: Codelco provided updates on its Teniente copper mine projects, expecting the Andres Norte project to commence production in the first quarter of next year, and Andesita to come online soon. The Rajo Inca project is currently undergoing tests and is expected to start production by the end of this year.