CODELCO Predicted Surge in 2024 Mine Output

SEATTLE (Scrap Monster): Chile-based world’s top copper producer CODELCO expects its mine production to witness modest recovery during the current year.

According to the company, the production at its mines had dipped to 1.325 million metric tons during the previous year. The production had hit the lowest level in almost 25 years, mainly due to operational constraints and project delays. It expects production to recover marginally to hit 1.353 million tons in 2024.

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The Chuquicamata mine’s processing capacity is predicted to reach 140,000 metric tons per day by the end of the current decade. This compares with the current processing capacity of around 80,000 tons. The mine will temporarily stop production for almost a month next year to swap out the conveyor belt. However, this is unlikely to impact production, said the company official.

The Chuquicamata mine development is pivotal for the company. The plans have been delayed so far, forcing the company to extend the timeline to achieve maximum capacity by up to three years. The company had recently submitted application seeking environmental permit for a proposed $720 million plan towards transformation of the site. The site is being converted from an open-pit mine to an underground mine.