CODELCO’s Pre-Tax Profits, Copper Output Slumped in Q1 2024

SEATTLE (Scrap Monster): Chilean state-controlled CODELCO generated an EBITDA of US$ 1,529 million during the initial three-month period this year, significantly higher than the prior year quarter EBITDA by almost one-third. The higher EBITA was mainly on account of lower operating costs and the variation in the exchange rate, the company press release said.

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The copper production during the initial quarterly period of 2024 totalled 294,000 tonnes, marginally lower by 9.6% from the corresponding quarter a year before, but in line with the budgeted production. The production, including those from affiliates totalled 319,000 tons of copper in Q1 2024.

The dip in production was attributed to several factors including the rock burst event in El Teniente, the fatal accident at Radomiro Tomic mine that led to operational halt, operational restrictions in Ministerio Hales as well as delay in starting operations at the Rajo Inca in Salvador.

CODELCO reported dip in direct costs by 4.9% year-on-year to 193.9 cents per pound in the January-March period in 2024.

The first phase of the infrastructure of Level 1 of Chuquicamata Underground reached 56.2% progress. Traspaso Andina registered a total progress of 99.8%.Also, Rajo Inca recorded a total progress by 76.1% during the quarter.