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Copper output from Chile's Codelco down nearly 5% this year, but recovery expected
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Copper output from Chile's Codelco down nearly 5% this year, but recovery expected
Oct 31, 2024 4:13 AM

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.

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