Chile’s state-owned mining company Codelco reported a copper output of 918,000 metric tons from January through September, reflecting a 4.9% decrease compared to the same period last year, according to a recent filing with Chile’s financial regulator.
However, in the third quarter, copper production reached 338,000 tons, a 2% increase from the same quarter in 2023, suggesting a gradual recovery.
The world’s leading copper producer is navigating challenges from declining ore grades in some key deposits and is working to enhance output despite setbacks with major projects. CEO Ruben Alvarado commented, “This quarter, we broke the trendline and began to recover production. We’ll continue our efforts to improve our indicators through year-end.”
When factoring in output from mining partners Freeport, Anglo American, and Teck, total copper production for the first nine months of 2024 hit 1.002 million tons. Codelco reported $612 million in pre-tax profits for this period, a notable improvement from a $76 million loss in the same timeframe last year. Core profits rose to $4.022 billion, marking a nearly 25% increase year-over-year.
Looking ahead, Codelco has adjusted its 2024 copper production forecast to between 1.325 million and 1.352 million tons, below the initial target of up to 1.390 million tons.
The company also shared timelines for projects within its Teniente copper mine: the Andres Norte project is slated to begin production in Q1 2025, and the Andesita project is expected to launch in the coming months. Additionally, Codelco’s Rajo Inca project is undergoing testing and is set to commence production by year-end.
