Codelco's Copper Production Sees Modest Increase in 2024

In an interview with a newspaper, Maximo Pacheco, the President of Codelco, a state-owned mining company operating in Chile, stated that Codelco's copper production is expected to be "somewhat higher" in 2024 compared to the previous year. In his interview with Diario Financiero, Pacheco noted that production is set to increase by between 3,000 and 4,000 tons from the 1.325 million tons recorded in 2023.

"We have surpassed the production forecast for 2024 and are ready to start 2025 with an increase to recapture the peak of 1.7 million tons of fine copper by the end of the decade," Pacheco added, mentioning that production in December exceeded 160,000 tons. Codelco has been struggling to revive its production, which is at its lowest level in 25 years, and made a late move in December to achieve its 2024 targets. The company has been grappling with construction issues at significant mines, accidents, and declines in ore quality.

In the interview, Pacheco also mentioned that the company expects to receive binding offers from potential joint venture partners for its Maricunga lithium project in the first quarter of 2025. Codelco is also launching a joint venture with local lithium producer SQM to extract metal from the Atacama salt flat. Pacheco said that they have largely fulfilled the compliance obligations necessary for the approval of the contract.