Codelco Lowered Production Outlook for 2022

SEATTLE (Scrap Monster): Codelco- the Chilean state-owned copper mining company and the world’s largest copper producer lowered its production outlook for the current year. The company blamed lower recovery rates at some of its mines and declining ore grades at the Chuquicamata mine in Chile as the drivers behind the recent cut in production outlook. The fatal accidents have halted some of the construction works at mines.

Codelco now expects the annual output to range between 1.49 million and 1.51 million tonnes, as per the letter issued to the Chilean regulator. This compares with the earlier forecast of 1.61 million tonnes.

The company noted that it expects lower recovery levels from its Division Ministro Hales mine, mainly on account of forced redesign following the landslide that happened in late-2021. The issues in connection with material handling system have affected the output from Chuquicamata mine.

Codelco’s operations were also impacted by a series of fatal incidents during recent times. It had to keep its Rajo Inca project construction halted, following a fatal accident in late-July this year. In addition, it had also reported another death at its Chuqui Subterranea project, an expansion of the historical Chuquicamatamining, which also impacted operations.

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