Codelco Shifts Copper Sales to U.S. Amid Trade Uncertainty
Codelco, the world’s largest copper producer, is redirecting some of its spot sales to the United States, CEO Rubén Alvarado announced on Friday.
This move follows U.S. President Donald Trump’s February directive to investigate potential tariffs on copper imports, an effort aimed at revitalizing domestic production. The announcement has fueled a surge in copper demand.
Alvarado expressed confidence in copper’s long-term market fundamentals and dismissed concerns over potential sanctions or tariffs.
“We are committed to meeting the needs of our U.S. clients and have adjusted part of our spot sales accordingly,” Alvarado stated during a press conference on Codelco’s 2024 financial performance.
Codelco posted a pre-tax profit of $790 million for 2024, rebounding from a $757 million loss the previous year. The company’s copper output reached 1.328 million metric tons, slightly exceeding 2023’s 1.325 million tons and aligning with its production targets.
The company highlighted improved operational performance since August 2024, citing cost reductions and the resolution of long-standing issues at key mining complexes. Production is set to commence at the Andesita and Andes Norte divisions this year.
For 2025, Codelco projects copper production between 1.37 million and 1.4 million tons. Additionally, the company reaffirmed plans to finalize a joint venture with lithium producer SQM and select a partner for the Maricunga lithium project in the second quarter of 2025.
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