Codelco Recovers From Low Quarterly Copper Output in Q3

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Codelco (Santiago, Chile) is beginning to recover its production following operational setbacks and years of output declines.

Codelco, the Chilean state miner, recorded copper production of 338,000 tons during the third quarter of this year, about 1.5% more than during the same period last year. This is the first quarter this year when the company has been able to surpass the output from 2023, which was the lowest in 25 years at 1.324 million tons.

In the first nine months of the year, the company produced 918,000 tons of copper compared to 966,000 tons during the same period in 2023. Yet, the company's president is optimistic about its output recovery and expects to close the year with a higher production than last year.

Codelco's copper guidance for 2024 has been set between 1.325 million tons and 1.352 million tons.

"This quarter, we broke the trend and began to recover production. We will maintain all efforts to ensure that the indicators continue to improve towards the end of the year," said Rubén Alvarado, the chief executive officer of Codelco.

The higher production in Q3 was possible due to the company's efforts to offset the operational problems of the Radomiro Tomic mine, which was closed for over a month in March, and the delay in the startup of the Rajo Inca asset. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can learn more by viewing the Rajo Inca project report.

Up until Q3, Codelco invested US$3.51 billion across its assets, and it expects to reach a total of US$4.5 billion by the end of the year.

The company also reported that it continues to advance with the development of its structural projects, which are aimed at increasing its copper output to previous levels by 2030.

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