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Chile copper miner Codelco says output 'recovering'
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Chile copper miner Codelco says output 'recovering'
Apr 4, 2024 12:58 PM

SANTIAGO, April 4 (Reuters) - Chilean state miner

Codelco, the world's biggest copper miner, said in a

statement on Thursday that its production for the first three

months of 2024 landed near 300,000 metric tons.

"We are recovering and will continue to do so," Codelco

chair Maximo Pacheco told lawmakers from a committee visiting

its major Teniente mining complex.

"All of our workers are working hard to meet our

production goal and reverse the situation we've experienced of

falling production and key project delays."

Pacheco said lower production over the last few years

could be explained by lower ore grades, a pit wall collapse and

disruptions in project ramp ups as well as weather and seismic

events in the South American country, which sits atop a tectonic

belt of earthquakes and volcanoes.

Delays in projects getting approved also forced several

large projects to begin at the same time, he added.

Committee leader Senator Juan Luis Castro said decisions

must be made more quickly and that Codelco's top leaders would

be called on again this month to give more information and to

discuss what lawmakers can do regarding the miner's future,

according to Codelco.

Codelco, which has also been

tasked with negotiating public-private partnerships

with lithium miners as Chile looks to boost state control

over the key battery metal industry, last year hit its

lowest output level

in a quarter of a century.

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