Codelco's Copper Output to be Largely Steady in 2023

On March 31, the chief executive of Chile's state-owned copper producer Codelco said that copper production is expected to be roughly flat in 2023. The company expects to produce 1.35-1.45 million mt of copper this year, Chief Executive Andre Sougarret told at a news conference. Production in 2022 totalled 1.446 million mt, down 10.6% from 2021 but in line with a previous review. The company reported that pre-tax profit fell to $2.75 billion in 2022 due to the impact of operational issues that affected sales. Its direct production costs rose 24.6% to $1.654 per pound from $1.327 last year.