Codelco Missed Copper Production Target in May

SEATTLE (Scrap Monster): Chilean state-owned miner Codelco’s copper output fell short of target during the month of May this year, said an internal document. This indicates the lack of success of the company’s plans to revive its copper output, which had hit lowest levels in almost 25 years.

The mining firm recorded a monthly copper output of 103,100 metric tons in May 2024. This is significantly lower than its monthly target of 112,800 metric tons by 8.6%. The cumulative copper output by the firm totalled 484,500 metric tons during the initial five-month period this year, falling short of the Jan-May ’24 target by more than 6%.

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The company was badly hit by a deadly accident at its Radomiro Tomic in March, which in turn led to stoppage of activities at the site. Codelco’s production had fell below 100,000 metric tons for the first time in almost 18 years in April.

The company had pledged to boost its output this year, following the worst output in almost a quarter of a century reported in 2023. Codelco had reported production of 1.324 million tons last year. The Q4 2023 production had totalled 358,000 metric tons, significantly lower when compared with 384,000 metric tons production in the corresponding quarter in 2022.

Codelco aims to commence partial operation of an expansion of its El Teniente underground mine in Q4 this year.