financetom
Business
financetom
/
Business
/
Codelco copper output misses November target, document shows
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Codelco copper output misses November target, document shows
Dec 20, 2024 12:21 PM

SANTIAGO, Dec 20 (Reuters) - Chile's state-run copper

giant Codelco produced 125,500 metric tons of the metal in

November, up 18% year-on-year, but still fell behind its target

for the month, an internal document obtained by Reuters showed

Friday.

The miner's output was 3% lower than expected, according to

the document titled "Preliminary Corporate Results" and dated in

December. The only divisions to meet their target were the

massive El Teniente and the smaller Radomiro Tomic.

Codelco did not immediately respond to a request for

comment.

The copper giant, which is the world's biggest producer of

the red metal, has been aiming to quicken production to meet its

2024 target after levels in the last two years hit a

quarter-century low.

After November's performance, Codelco will still need to

produce more than 161,000 tons of copper in December to reach

the low-end of its target, which the company earlier this year

put between 1.325 million to 1.352 million tons.

Senior company sources previously told Reuters that

Codelco expects to end the year at 1.331 million tons, which

would be 0.5% above last year's output.

November production was hurt by delays at the Rajo Inca

project at the Salvador mine, according to the document. It also

showed lower recovery and processing at the Andina, Chuquicamata

and Gabriela Mistral units and lower ore grades at Ministro

Hales.

Smelting and cathode production were also below

Codelco's target in November, according to the document.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Mattel Appoints Chief Strategy Officer
Mattel Appoints Chief Strategy Officer
Sep 11, 2024
02:42 PM EDT, 09/10/2024 (MT Newswires) -- Mattel ( MAT ) said Tuesday it appointed Ken Wee as chief strategy officer. Wee is the former chief strategy officer of Activision Blizzard, Mattel ( MAT ) said. Price: 18.63, Change: -0.35, Percent Change: -1.84 ...
Seaport Entertainment Group Launching $175 Million Subscription Rights Offering
Seaport Entertainment Group Launching $175 Million Subscription Rights Offering
Sep 11, 2024
09:49 AM EDT, 09/10/2024 (MT Newswires) -- Seaport Entertainment Group ( SEG ) said Tuesday that its board has approved a plan for a $175 million rights offering to sell up to 7 million shares of its common stock for $25 apiece. Seaport said it will distribute the right to buy additional Seaport shares among investors on Sept. 20 in...
SEC widens insider-trading case involving stolen law firm M&A info
SEC widens insider-trading case involving stolen law firm M&A info
Sep 11, 2024
Sept 10 (Reuters) - An insider-trading scandal involving information stolen from U.S. law firm Covington & Burling about Merck & Co's ( MRK ) $1.85 billion acquisition of Pandion Therapeutics expanded on Tuesday, when the U.S. Securities and Exchange Commission brought civil charges against a fourth person. The SEC accused Philip Markin of making more than $16,000 trading illegally on...
Weight-loss market to see 16 new drugs by 2029, report estimates
Weight-loss market to see 16 new drugs by 2029, report estimates
Sep 11, 2024
Sept 10 (Reuters) - The market for weight-loss treatments is expected to see 16 new drugs vying for a slice of the lucrative business currently dominated by Novo Nordisk and Eli Lilly ( LLY ), according to estimates from analysts at Morningstar and Pitchbook. In a joint report published on Monday, analysts estimated the market for obesity treatments could expand...
Copyright 2023-2026 - www.financetom.com All Rights Reserved