Codelco Reports 4.9% Drop in Copper Output as it Aims for Production Recovery
SANTIAGO – Chile’s state-owned mining giant, Codelco, reported 918,000 metric tons of copper production from January through September, marking a 4.9% decline from the same period last year, according to a filing with the country’s financial regulator on Wednesday.
Copper production in the third quarter reached 338,000 metric tons, a 2% increase year-over-year, as Codelco works to address declining ore quality in its key deposits and boost output despite challenges with its priority mining projects.
“This quarter, we reversed the downward trend and started to recover production. We will continue our efforts to improve our indicators through the end of the year,” said CEO Ruben Alvarado.
When including output from its partners Freeport, Anglo American, and Teck, Codelco’s total copper production for the first nine months reached 1.002 million tons.
The miner also announced a significant financial turnaround, with $612 million in pre-tax profit from January to September, compared to a $76 million loss in the same period last year. Core profits reached $4.022 billion, up nearly 25% year-over-year.
Codelco, which remits all profits to the government, projects total copper production for 2024 between 1.325 million and 1.352 million tons, slightly below the initial estimate of up to 1.39 million tons.
The company also outlined timelines for key projects at its Teniente mine. The Andres Norte project is expected to begin production in the first quarter of next year, while Andesita should be operational within months. Additionally, Codelco’s Rajo Inca project is currently undergoing testing and is set to start production by year-end.
