Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Exclusive-Codelco copper output falls behind target in May, document shows

Published 06/26/2024, 02:36 PM
Updated 06/26/2024, 04:46 PM
© Reuters. FILE PHOTO: The logo of Codelco, the world's largest copper producer, is seen at their headquarter in downtown Santiago, Chile,  April 5, 2016.   REUTERS/Ivan Alvarado/File Photo
HG
-

By Fabian Cambero

SANTIAGO (Reuters) -Chile's state mining giant Codelco, one of the world's largest copper producers, fell further behind its production target in May, an internal document obtained by Reuters showed, underscoring the challenge to revive output at a 25-year low.

The mining firm, which has yet to publicly release data for May, produced 103,100 metric tons of the red metal in the month, some 8.6% below its target of 112,800 tons, the previously unreported June document revealed.

The firm produced 484,500 tons of copper in the first five months of the year, 6.1% off its target, the document showed.

Codelco, which is battling hard to revive production, did not immediately respond to a request for comment.

Codelco, which posted production in April below 100,000 tons for the first time in at least 18 years, has been hit by a deadly accident at its Radomiro Tomic in March, which led to a stoppage at the site amid the investigation of the incident.

© Reuters. FILE PHOTO: The logo of Codelco, the world's largest copper producer, is seen at their headquarter in downtown Santiago, Chile,  April 5, 2016.   REUTERS/Ivan Alvarado/File Photo

The company's CEO has pledged that it will boost output this year after its worst performance in around a quarter of a century in 2023, affected by delay to major projects. The company has shaken up its leadership in recent months.

It is also pushing ahead with its new Rajo Inca project to extend the life of its small Salvador division and plans to begin partial operation of an expansion of its El Teniente underground mine in October-December this year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.