Codelco Profits Plunged, 2022 Production Target Reduced

The press release issued by Codelco noted that the dip in accumulated production was mainly due to reduction in grade ore at its Ministro Hales division, attributed to a change in sequence and a lower recovery of copper.

SEATTLE (Scrap Monster): Codelco- the Chilean state-owned global copper producer, reported huge drop in profits during the nine-month period from January to September this year.

The company reported 50.4% drop in pre-tax profit to $2.606 billion during the period. The profits were badly hit by declining copper prices and reduced output at some of its mines. The copper production totalled 1.62 million tons during the period, representing 10.4% decline from the corresponding period a year before.

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The press release issued by Codelco noted that the dip in accumulated production was mainly due to reduction in grade ore at its Ministro Hales division, attributed to a change in sequence and a lower recovery of copper. The lower grade and drop in activity at Chuquicamata division and El Teniente as well as operational issued in connection with the Chuquicamata refinery and smelter also impacted the production.

Meantime, the planned major maintenance to the smelter during the month of November is expected to lead to further operational issues.

Also, Codelco cut its annual production target for 2022 to between 1.465 and 1.435 million tonnes, significantly down upon comparison with the earlier estimates of 1.49-1.51 million tonnes during August this year.

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