Financial Overview
Codelco, in its third-quarter report, recorded an EBITDA of US$ 3,237 million. The main influences on this performance included reduced copper sales due to decreased production, rising operational expenses, and additional non-operating costs.
Production Details
Copper production for the nine months amounted to 966 thousand tons, marking a 9% decrease from the previous year. This is attributed to delays in key projects and ongoing operational challenges. Including El Abra and Anglo American Sur affiliates, the total production reached 1 million 39 thousand tons. A major contributor to this dip was the reduced ore processing at El Teniente and challenges at Ministro Hales, Andina, and Chuquicamata. In light of these issues, Codelco has launched an initiative to rectify operational matters.
Despite the year-to-year decline, the July-September quarter showcased a 2.1% improvement in copper production compared to 2022, recording 333 thousand tons.
Cost Analysis
Direct costs have seen an elevation of 29.9% in comparison to the January-September 2022 period. The net cathode cost also increased by 31.4%. Factors affecting these figures include reduced copper production, the utilization of inventory, growing operational costs, and a lack of benefits from exchange rate differences.
Operational Highlights and Future Projections
Among the notable advancements, there’s increased sulfide extraction capacity from Radomiro Tomic and improved ore recovery in the Ministro Hales concentrator. Progress was also made in several structural projects, and Chuquicamata Underground is anticipated to escalate its production output. Codelco expects a boost in its production figures from 2024, targeting approximately 1.7 million tons by 2030.
Key Developments
- In a joint effort with Rio Tinto, Codelco announced their collaboration in Agua de la Falda S.A. to kick-start copper exploration in the Atacama Region.
- The company initiated the “Desarrollo Futuro DMH” project aiming to prolong the operational lifespan of the Ministro Hales Division.
- Codelco was acknowledged for its appeal as an employer in Chile, marking its eighth recognition since 2014.
- Rubén Alvarado Vigar assumed the position of the new executive president in September.
- As a response to a public campaign, Codelco has opened 24,000 hectares of its land in Cajón del Maipo for public recreational use.
Don’t forget to check out our Special Weekly Metals News Digest (Oct 23-27)! 
