Chile's Codelco produced a total of 296,000 mt of its own copper in Q1, up 0.3% YoY.

On April 25 (Friday), Codelco, the world's largest copper producer and Chile's state-owned copper company, stated that its total production in the first quarter of this year amounted to 296,000 mt, a 0.3% increase YoY.

In its statement, the company noted that despite facing various challenges in Q1, including regional rainy seasons and a nationwide power outage in February that led to a reduction of 10,000 mt in copper cathode production, it still achieved this growth.

Codelco indicated that it is facing rising costs due to planned maintenance at mines and plants, as well as increased operating costs for equipment leasing, which were partially offset by lower input prices for electricity and fuel.

Codelco aims to produce between 1.37 million and 1.4 million mt of copper this year, planning to increase production for the second consecutive year after output fell to a 25-year low in 2023.