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Chile: Leading copper producer reports 10.4% drop in output

Saturday, October 29th 2022 - 10:00 UTC
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Codelco is the largest copper producer in the world Codelco is the largest copper producer in the world

Chile's state-owned copper producer Codelco reported Friday a 10.4 % decrease in output in the first three quarters of 2022.

Production reached 1,062,000 tons between January and September this year for the world's largest extractor of this mineral, according to a statement from the company, which nevertheless had a US$ 2.606 billion profit and an Ebitda (earnings before interest) of US$ 4.697 billion.

The drop in copper production was mainly due to a lower grade at the Ministro Hales Division, due to the change in the exploitation plan following a structural collapse. There was also a lower ore grade at the Chuquicamata and El Teniente mines, the statement explained, in addition to a reduction in activity and a drop in copper recovery at its concentrator plants. Operational difficulties also affected the Chuquicamata smelter and refinery.

“Our business is no stranger to global contingencies and we have faced major operational disruptions, in addition to the difficulties inherent to the start-up of projects, particularly subway mining projects,” said Codelco's executive president André Sougarret. He added that the company was focused with “all our capacities and energies” on overcoming present difficulties ahead of 2023.

Codelco's Board Chairman Máximo Pacheco also pointed out that progress was being made in the transformation of a “company committed to its future” after months of hard work with “complex” business indexes. The company “challenges itself in protecting the environment,” he added. The Chilean firm puts “people at the center of its work,” he also noted.

The executive also pointed out that Codelco “values labor relations” and “promotes female talent” while representing “an opportunity for the development of new generations.”

Pacheco also underlined that Codelco was “admired in the world and a leader in copper production,” with an “enormous responsibility to take care of it in order to respond to the expectations and demands that we have as a country and as a company.”

“The entire organization is involved and committed to this task, especially at a time when we face complex challenges. We have men and women with the necessary talent and experience so that together we can achieve the results we all expect,” Pacheco went on.

(Source: Xinhua)

Categories: Economy, Chile.
Tags: Codelco.

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