Codelco in Chile: Production increased by 9% in H1, copper recovery on track

On July 11 (Friday), Chile's Codelco announced a 9% year-on-year increase in copper production for the first half of the year (H1), indicating that the world's largest copper supplier is on the path to recovery.

Chairman Maximo Pacheco announced the results at a ceremony marking the anniversary of the nationalization of the El Teniente mine in central Chile, but he did not disclose details, and it is unclear whether the figure includes production shares from mines not operated by Codelco.

Codelco hopes to restore its production to pre-pandemic levels in the coming years. Due to declining ore quality and setbacks in operations and projects, Codelco's production fell to its lowest level in 25 years, threatening its position as the world's top supplier. The factors supporting its production recovery lie in the company's efforts to advance delayed and over-budget projects to mine richer areas in old pits.

According to the calendar on its website, the state-owned copper company is scheduled to announce its H1 results on August 1.

(Wenhua Comprehensive)