According to SMM, Chile's Codelco will terminate its long-term contracts to sell copper concentrate to Chinese customers from 2025 and expand the range of products offered to Chinese customers after evaluating its production prospects. Codelco's goal is to replace the specific copper concentrate transactions with other transactions, including concentrate and value-added intermediate products such as blister copper and cathode copper, which also originate from copper concentrate. Due to the continuous decline in Codelco's copper production, although a huge amount of investment has been made to improve mining efficiency, the company is uncertain whether it can fulfill its contractual obligations under serious cost overruns. Therefore, the Chilean miner hopes to restructure its sales strategy and agreements.