SANTIAGO, Sept 11 (Reuters) – Copper output from Chilean state miner Codelco dropped by 10.7% in July compared to the previous year, according to the copper commission Cochilco. The world’s largest copper company produced 111,400 metric tons of copper in July as it struggles to reverse a declining production trend. Codelco did not comment on the July figures, but CEO Ruben Alvarado revealed to Diario Financiero that August production is set to exceed 115,000 tons, up from 103,500 tons last year, indicating a positive trajectory.
Alvarado emphasized that the production plan for the latter half of the year aims to surpass last year’s monthly figures, aiming for an overall increase by year-end compared to 2023. This assertion follows a challenging first half where production dropped by 8.4% from January to June, as previously reported by the company.
Alvarado also mentioned that capital expenditures for the next year are projected to reach approximately $5 billion, higher than this year’s $4.7 billion spending.
In other industry news, BHP-controlled Escondida mine boosted its copper production by 29% in July year-over-year, totaling 106,500 tons. Conversely, the Collahuasi mine, co-managed by Glencore and Anglo American, saw a 6% reduction in output, down to 47,000 tons.
(Reporting by Fabian Cambero and Daina Beth Solomon; editing by Jonathan Oatis)
Original Story https://www.livemint.com/news/copper-output-at-chile-s-codelco-slips-nearly-11-in-july-11726091735624.html
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