Chile's Codelco copper output up 'slightly' in 2024, Chairman tells paper

SANTIAGO (Reuters) -Copper production at Chile's Codelco, the world's largest producer of the metal, was "slightly higher" in 2024 from the previous year, Chairman Maximo Pacheco said in an interview with a local newspaper on Monday.

In the interview with Diario Financiero, Pacheco said production increased by 3,000 to 4,000 metric tons from 2023's 1.325 million tons.

"We crossed the production valley in 2024 and are ready to start 2025 on the upswing to retake the peak of 1.7 million tons of fine copper at the end of the decade," Pacheco said, adding that December's production topped 160,000 tons.

Codelco has been struggling to revive output from a 25-year low and made a late dash in December to hit its 2024 targets. The company had been grappling with construction problems at key mines, accidents and a drop in ore grades.

Despite copper output falling behind target by May, including delays caused by worker deaths, the company made a strong push in the final months of the year.

In the interview, Pacheco said he expected the company to have binding offers from potential joint venture partners in its Maricunga lithium project in the first quarter of 2025.

Codelco is entering the lithium business after President Gabriel Boric tasked the state miner in 2023 with leading an expansion of the industry.



Chile is the world's second-largest lithium producer after Australia, but Codelco is building lithium production virtually from scratch. Codelco aims to begin construction in Maricunga in early 2027 and launch production in early 2030.

Codelco is also launching a joint venture with local lithium producer SQM to mine the metal in the Atacama salt flat. Pacheco said they had mostly fulfilled the compliance obligations for the contract to be approved.

Source: Investing.com