Codelco’s copper production in 2024 increased slightly, rising by 3,000 to 4,000 metric tons from 2023. Chairman Maximo Pacheco expressed optimism for the future, anticipating production growth and entry into the lithium market. Codelco aims to begin lithium construction by 2027 and production by 2030, while working through past production challenges.
Chile’s Codelco demonstrated a slight uptick in copper production for the year 2024, according to Chairman Maximo Pacheco during a recent interview with Diario Financiero. The output increased by approximately 3,000 to 4,000 metric tons from the previous year’s total of 1.325 million tons. Pacheco indicated confidence in the company’s future, stating, “We crossed the production valley in 2024 and are ready to start 2025 on the upswing to retake the peak of 1.7 million tons of fine copper at the end of the decade.” December 2024’s production figures surpassed 160,000 tons, contributing to this increase.
Despite a tumultuous year marked by production struggles, Codelco achieved a notable late surge in output during December, after facing challenges such as construction issues at crucial mines, accidents, and declining ore quality. While initial production targets were missed as of May, the company’s efforts in the latter months of the year proved fruitful. Looking ahead, Pacheco anticipated the receipt of binding offers related to the company’s Maricunga lithium project in the first quarter of 2025, signaling a significant expansion effort initiated by President Gabriel Boric in 2023.
Codelco, the world’s largest copper producer, is vital to Chile’s economy and copper supply. The company has encountered difficulties achieving its production targets, largely due to operational and environmental challenges over the past few years. The recent increase in production represents a potential turning point for Codelco aimed at regaining its former production peaks. Codelco’s foray into lithium production is part of a broader strategy to diversify its resources and align with Chile’s growing position in the global lithium market.
In conclusion, Codelco’s slight rise in copper output for 2024 reflects the company’s resurgence from previous production lows. With aspirations to reclaim higher production levels in the coming years and expansion into lithium, Codelco is positioning itself for an increasingly competitive landscape in metal production. Chairman Maximo Pacheco’s insights underline both the challenges faced and a renewed commitment to growth in the upcoming periods.
Original Source: www.investing.com
