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.