Codelco Reports Copper Production Decline but Shows Signs of Recovery

Chilean state-owned company Codelco reported a production output of 918 thousand tonnes of copper from January to September this year, reflecting a 4.9% decrease compared to the same period last year. Despite the overall decline, the third-quarter production reached 338 thousand tonnes, representing a 2% increase compared to last year's third-quarter output.

Codelco, the world's largest copper miner, has been grappling with a reduced share of ore quality at some of its key deposits, impacting overall production figures. However, CEO Ruben Alvarado indicated that production dynamics improved during the third quarter, and the company is committed to sustaining this upward trend through the end of the year.

Looking ahead, Codelco expects its copper production in 2024 to fall between 1.325 million and 1.352 million tonnes, which is below the initial forecast of 1.390 million tonnes. The company also announced plans to commence production at its Teniente copper mine and Rajo Inca project in the coming months, aiming to bolster future output.