Codelco’s Copper Output Slipped in July, Says Copper Commission

SEATTLE (Scrap Monster): The Chilean Copper Commission, or Cochilco, declared that a significant decrease in copper production occurred during July of this year. The state-owned miner in Chile reported a reduction in output of 11.7% compared to the same month last year. 111,400 metric tons of copper were produced by the company in July.

Codelco reported a 29% surge in copper output from the Escondido mine. In contrast, the production from Collahuasi mine posted a 6% year-on-year decline.

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The company has been having trouble increasing its output of copper lately. In 2023, the output had fallen to its lowest point in nearly 25 years.
The CEO of Codelco, Ruben Alvarado, said in a recent interview that the business anticipates producing more than 115,000 tons of copper in August 2024. This compares with the production of 103,500 tons in 2023. Every month's output in the second half of the year is anticipated to surpass that of the previous one. He continued, "There will be an increase in the cumulative yearly output in 2024 compared to 2023."

When compared to the same six-month period in 2023, the company's H1 2024 output showed an 8.4% growth. The business had earlier projected higher production in the second half. Simultaneously, it anticipates that capital expenditures will approach $5 billion in 2025, surpassing the $4.7 billion spent this year.