Chile's Codelco expects flat copper output in coming years, chairman says

SEATTLE (Scrap Monster): Chile's state-run copper miner Codelco expects production in ​the coming years to stay similar to current ‌levels, chairman Bernardo Fontaine said on Wednesday, when asked if the company was on track to meet its target of 1.7 million ​metric tons a year by 2030.

The miner is ​working to recover from a slump in 2022 ⁠and 2023 when production fell to two-decade lows. Last ​year's production at Codelco's own mines stood at 1.33 million ​tons.

"It is very possible that it sits at a production rate quite similar to the one it has today," Fontaine told a ​congressional committee.

He added that the company's structural projects, designed ​to counter declining ore grades, had faced unexpected delays and costs.

The El ‌Abra ⁠copper mine, where Codelco holds a 49% stake alongside majority-owner Freeport McMoRan, could be a good option to focus investment, he noted.

The U.S. miner has planned a $7.5 billion expansion project ​at the ​mine.

"It has ⁠a very significant investment project, so it must be evaluated very carefully. Perhaps that is ​the best project whre we could invest ​whatever ⁠resources we are able to get," Fontaine said.

Chile's copper agency Cochilco expects to release a preliminary audit of Codelco's production ⁠in ​September, after scrutiny over whether the ​company improperly included some 20,000 metric tons of copper in a 2025 ​production report.

Courtesy: www.reuters.com