CODELCO: Dip in Copper Output to Persist in 2023

SEATTLE (Scrap Monster): The recent media report citing Maximo Pacheco, Chairman, Codelco says that Chile’s state-owned miner and the world’s largest copper producer is expected to witness further decline in copper output during 2023. It must be noted that the company had lowered its copper production outlook for the current year as well, due to lower recovery levels at some of its mines and fall in ore grades at its flagship Chuquicamata site in northern Chile.

The company expects the copper production to total 1.45 million tonnes in 2023. During the five-year period from 2023 to 2027, the production is likely to average at around 1.5 million tonnes. Recently, Codelco had revised its production outlook for 2022, lowering it from the previously stated 1.61 million tonnes to about 1.5 million tonnes.

ALSO READ: Codelco Copper Output Diped in the First Half of the Year

In order to maintain future output at desired levels, the company needs to develop new projects to sustain the levels of production. However, the company is currently facing difficulties on that front. Pacheco observed that key structural projects are running behind schedule and over the budget, though he decline to provide specific details.

The lithium exploration project in the Salar de Maricunga is running slower than anticipated, primarily due to adverse weather conditions during the year. However, it expects better results starting from the first quarter of 2023.