Chilean President Gabriel Boric announced at a copper industry conference that he anticipates growth in production at state-run miner Codelco this year. However, recent reports indicate a decline in quarterly output at Codelco due to issues like lower quality ore and operational challenges. The company's Q1 copper production fell by 9.6% year-on-year, with various factors contributing to the decrease, including a rock explosion in 2023 and operational restrictions at different mines. Despite these challenges, Codelco reported a boost in earnings from reduced operating costs and a positive Ebitda in Q1.
Codelco says lower Q1 #copper output follows 2023 rock explosion in El Teniente, giving a smaller mine area; the halt at Radomiro Tomic due to an accident; operational restrictions at Ministro Hales due to prior geotechnical events; & the delay mining Pito Inca in Salvador
Codelco says Q1 #copper production was -9.6% at 294,000 tonnes, in line with previous guidance. Including share from JVs at El Abra and Anglo American Sur, copper output for the period was 319,000 tonnes. Q1 Ebitda was +33.7% at $1.5 billion, it adds
Codelco Output Keeps Falling, Underscoring Copper Struggles Chile’s state miner is battling to emerge from yearslong slump Earnings got a boost from a decline in operating costs https://t.co/njmUxn6xsK
Big issues with copper supply supporting price: CODELCO 1Q COPPER PRODUCTION FELL 9.6% Y/Y
Top copper producer Codelco saw a decline in quarterly output due to lower quality ore at its aging Chilean mines https://t.co/lpeMTxxO9c
Copper output at Chile's Codelco set to rise this year, CESCO says https://t.co/WnfKlxzOrS https://t.co/jCIZ1ellyb
⚠️ CHILE'S PRESIDENT SAYS CODELCO OUTPUT TO GROW; TOUTS INVESTMENT CLIMATE Full Story → https://t.co/V25Bz4Fq5i Chilean President Gabriel Boric told a major copper industry conference on Wednesday he expects production at state-run miner Codelco to grow slowly this year and… https://t.co/qyhdF9kZLa