Codelco's Copper Output Increased in First Quarter

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Codelco (Santiago, Chile), Chile's state mining company, had a copper output of 296,000 metric tons during the first quarter of 2025, about 757 tons more than during the same period last year. The company was able to maintain a strong operational status despite the winter season and the February national blackout. Both events impacted operations by 10,000 tons of copper.

Including Codelco's stakes at the El Abra (49%), Anglo American Sur (20%), and Quebrada Blanca (10%), the state company had a total output of 324,000 metric tons, 5,000 tons more than last year.

"A relevant aspect of this increase is that the company's production continues to consolidate improvements compared to the previous year. We expect this to continue in the coming months, reaching an annual range of between 1,370,000 and 1,400,000 tons of our own fine copper," said Codelco Chief Executive Officer Rubén Alvarado.

During Q1, the company had earnings before interest, taxes, depreciation and amortization (EBITDA) of US$1.34 billion, about 11.8% less than last year, mainly due to the exchange rate, which reduced the EBITDA by US$484 million. Meanwhile, the company's capital expenditures totalled US$1.15 billion, representing approximately 21% of the US$5.63 billion expected to be spent on operations this year.

At the same time, Codelco advanced the development of its structural projects, which aim to boost its output.

Codelco's Andes Norte project at the Teniente mine is currently at 78% completion, with a projected production start during Q3. Meanwhile, the Diamante project is at 43% development and should begin producing copper by September next year.

At the Salvador Division, the Rajo Inca project is at 91% completion as the company continues the optimization processes with a ramp-up expected by Q3 this year.

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During Q1, the company announced a memorandum of understanding (MoU) with Anglo American plc (London, England) for the joint development of the Andina-Los Bronces mine, which is expected to boost production by 120,000 tons annually between 2030 and 2050 and generate US$5 billion. The companies expect to finalize the deal by the end of this year.

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