SANTIAGO, Oct 30 (Reuters) - Chile's state-owned miner
Codelco reported 918,000 metric tons of its own copper output
from January through September, down 4.9% from the first nine
months of last year, a filing to the country's financial
regulator showed on Wednesday.
The miner's copper production during the third quarter was
338,000 tons, up 2% from a year earlier.
The world's top copper miner is pushing to overcome
declining ore levels in some of its main deposits, seeking to
boost production despite problems with its priority mining
projects.
"This quarter we broke the trendline and began to
recover production. We'll keep up all our efforts so that our
indicators keep improving through the end of the year," Chief
Executive Officer Ruben Alvarado said in a separate statement.
If production attributed to its mining partners
Freeport, Anglo American and Teck are added, total copper output
during the first nine months of this year reached 1.002 million
tons, according to the statement.
The world's top copper miner announced that
January-September production of the red metal generated $612
million in pre-tax profits, according to the filing, swinging
from a loss of $76 million during the first nine months of last
year.
The company's core profits reached $4.022 billion, up by
nearly a quarter from the year-ago period.
Codelco, which turns over all profits to the government,
added it sees total 2024 copper production of between 1.325
million and 1.352 million tons, which would be below an initial
estimate of as much as 1.390 million tons.
The company also provided a timeline for a pair of projects
within its Teniente copper mine, noting it expects the Andres
Norte project to start production during the first quarter of
next year, while Andesita should come online in the "coming
months."
Its Rajo Inca project is undergoing tests, the statement
said, and should begin production during the final months of
this year.