VALPARAISO (Reuters) -Chilean miner Codelco expects to produce 316,000 metric tons of copper at its El Teniente mine this year, CEO Ruben Alvarado said on Wednesday, after a deadly collapse at the site in late July.

The world's biggest underground copper mine last year produced 356,000 metric tons of the red metal.

The firm also estimates a $340 million hit from the incident, which killed six workers, Alvarado added.

Codelco will lower its 2025 production guidance due to the loss at the mine, chairman Maximo Pacheco told Reuters after a congressional hearing, adding that the company is still working to hit its target of 1.7 million tons of copper per year by 2030.