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.