Codelco caps worst year in quarter century with copper production drop

15th January 2024

By: Bloomberg


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Codelco indicated copper output declined last quarter from a year earlier, as the world’s biggest producer of the red metal strives to recover from mining mishaps and project delays.

Production for the last three months of the year was 358 000 metric tons, compared with about 384 000 tons in the fourth quarter of 2022. That’s based on calculations using full-year output disclosed by the Chilean state-owned behemoth in a session of a lower-house commission this week. Codelco is scheduled to report its official results for last year in March.

Production is running at the lowest level in a quarter century following a series of setbacks at projects and mines that exacerbated the impact of declining ore quality after decades of underinvestment.

New CEO Ruben Alvarado is looking to gradually boost output from this year. The presentation delivered by finance director Olivar Hernández on Monday shows production at 1.324-million tons last year, 1.352-million tons this year, 1.522-million next year and getting back above 1.7-million by 2030.

Edited by Bloomberg


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