According to SMM, the new CEO of the world's largest copper producer, Chile's state-owned copper mining company Codelco, insisted that the company would reverse the serious decline in production this year, even though it is struggling to deal with a huge debt of US$20 billion. The company's copper production fell from 1.618 million tons in 2021 to 1.325 million tons, the lowest in 25 years. The company is facing the postponement of four major projects needed to extend aging mines. However, Ruben Alvarado, who became CEO of the company in September last year, told the Financial Times, "We believe that 2023 is the year we hit bottom."
"Production in 2024 will be slightly higher than in 2023, and by 2030 our production will reach 1.7 million tons.

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