CODELCO's Copper Output Rose in 2024

SEATTLE (Scrap Monster):  Codelco, the state-owned copper miner in Chile, ended its downward trend last year with an uptick in copper production.

Preliminary data indicates that the company's annual copper production in 2024 was 1.329 million tonnes. Compared to the output of 1.325 million tonnes in 2023, there is an increase of about 3,000 to 4,000 tons.

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According to Codelco Chairman Maximo Pacheco, the business is on track to meet its long-term objective of producing 1.7 million tonnes of fine copper by the end of the present decade. In December of last year, the output surpassed 160,000 tonnes, suggesting that it has started to make up ground. Pacheco noted that Codelco is well-positioned to start 2025 on a positive note.

The state-owned miner's century-old operations have been negatively impacted by growing expenses and deteriorating ore grades. Chuquicamata and other older mines have recently undergone costly transitions. For financial and technological reasons, Codelco's attempts to increase output at the El Teniente underground copper mine have stopped.

Rival businesses like BP and Freeport McMoRan, who have been investing heavily in growing their operations and increasing output, present fierce competition for the company.