Chairman of Codelco: Copper Production Rose in April Due to Strong Demand in Major Markets

On April 29 (Tuesday), Maximo Pacheco, Chairman of Codelco, stated that copper production in April increased by 22% YoY, with an expected output of 105,000 mt.

The world's largest copper producer slightly rebounded from a 25-year production low last year and plans to further increase production this year.

At the annual general meeting, Pacheco noted that despite acknowledging geopolitical risks associated with accessing critical minerals, copper demand remains strong.

"The market looks good, with particularly robust markets in Asia, China, the US, and Brazil," he said.

Codelco previously stated that uncertainties surrounding US tariffs have prompted more copper shipments to the US.

Pacheco said he has been working to advance the construction of a new copper smelter in Chile, with Codelco offering to supply 1.2 million mt of copper annually under 20-30 year contracts as an incentive for investors.

Pacheco also discussed Codelco's efforts to venture into Chile's lithium business, as Chile is the world's second-largest lithium producer.

Codelco plans to enter the lithium business through a new project at the Maricunga salt flat in Chile. Pacheco indicated that after receiving binding offers from global companies in March, Codelco will appoint a partner in the coming weeks or months.