Codelco's Copper Output Likely to Fall Further in 2023

Published: Sep 01, 2022 09:49 (GMT+8)

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SHANGHAI, Sep 1 (SMM) – Chile's domestic newspaper El Mercurio reported on Wednesday that due to project delays, Chile's state-owned copper company Codelco is expected to further reduce production next year.

Last week, Codelco lowered its copper production outlook for 2022 to about 1.5 million mt and attributed the lower level of production recovery to lower grades of ore at the Chuquicamata mine.

The company had previously estimated copper production this year at 1.61 million mt.

For the five-year period from 2023 to 2027, the best estimate is for an average annual production of 1.5 million mt," Codelco president Maximo Pacheco told El Mercurio.

Pacheco, who became president in March, said increased investment in "structural projects" was necessary to offset the natural decline in ore grades.

“In order to maintain future production, we have to develop projects that can maintain production levels, and we face difficulties in implementation," he said.

Pacheco also said that the rate of lithium exploration at Salar de Maricunga was slower than expected due to poor weather conditions this year, but better results were expected in the first quarter of next year.
Codelco began exploring ultralight metals in Maricunga earlier this year, key to electric vehicle battery production.

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