Codelco announces copper production will be further affected by heavy rains

Due to heavy rainfall, Chile's state-owned Codelco, the world's largest producer of copper, anticipates a decline of approximately 7,000 metric tons in copper production by 2023, as stated by Chairman Maximo Pachecho on Wednesday.

Following a meeting with the country's finance ministry, Pachecho informed reporters that the company projects total production for 2023 to be within the lower end of the estimated range of 1.35 - 1.42 million metric tons.

At the same time, the copper behemoth continues to grapple with operational challenges and a decrease in high-grade ores, resulting in its lowest production levels in nearly 25 years in 2022.

Furthermore, Codelco has been entrusted with spearheading the government's endeavor to assume control of the lithium industry.

Additionally, CEO Andre Sougarret announced his resignation from the company in June, citing the "complexities" involved in its management.

The chairman added that Codelco foresees a recovery in production commencing next year.

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