Codelco warns Chile’s copper output could stagnate

Codelco warns Chile’s copper output could stagnate

Copper production in Chile may stall at around 5.5 million t/a because of the growing challenges mining companies face, according to Maximo Pacheco, chairman of state-owned Codelco. Deeper mining operations, falling ore grades and rising costs all reduce the chance of overall output increasing, he told an industry conference. Nevertheless, Codelco is pressing ahead with a multi-billion dollar investment programme with the goal of returning to a historic production rate of 1.7 million t/a, compared to the current 1.35 million t/a or so.

Pacheco’s comments, reported by sector journal Mining.com, coincide with the company having evacuated workers from El Teniente in recent days due to an earth tremor, a month after an earthquake caused a rockfall which killed six workers and injured nine. Following that incident, Codelco revised its 2025 production guidance downwards to between 1.34 – 1.37 million tonnes of copper, from a March estimate of 1.37 – 1.40 million tonnes.