Fatal Accident at El Teniente Forces Codelco to Cut 2025 Output Guidance

SEATTLE (Scrap Monster): Codelco executives stated that the Chilean copper mining giant will lower its production guidance for 2025. This is on account of the collapse at the El Teniente mine in end-July following an earthquake, which led to death of as many as six workers.

33,000 metric tons are thought to have been removed from the mine's output as a result of the incident. At a recent occasion, CEO Ruben Alvarado stated that the flagship copper mine is now anticipated to produce 316,000 tons this year. The corporation is expected to lose $340 million as a result of the lost output. This is marginally more than the $300 million loss that was projected last week, which was based on losses of between 20,000 and 30,000 tons of mine output. It should be mentioned that after the incident, the company was compelled to stop working at the mine for a few days.

According to Codelco Chairman Maximo Pachelco, the business would only decide when to reopen the network of underground tunnels after carefully reviewing the findings of the internal probe. The financial results for the first half of the year will be released alongside the revised copper production guidance. Pachelco also said that it is certain it will reach its long-term target of producing 1.7 million tons of copper annually by 2030.

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