Codelco, a Chilean state-owned mining company, produced 111,700 metric tons of copper in May, up 0.7% from a year earlier.
Meanwhile, in the first half of 2024, its output declined but it expects to boost production in the second half of this year, said chairman of the company Maximo Pacheco as cited by Reuters.
Pacheco said he did not expect Codelco to adjust this year's copper production forecasts.
According to some reports, the Chilean miner is considering an option to purchase a 10% stake in Quebrada Blanca copper mine operated by a Canadian company Teck. The stake is currently held by state mining firm Enami and it is valued at $500 million. The stake is going to be non-dilutable, meaning the state company would always own the same percentage of the stock regardless of future shareholder offerings.
The state-owned Enami, which groups small and medium mining projects in the country, did not provide comment on the issue due to confidentiality.
Late last year, Codelco entered into an agreement with Rio Tinto for the Agua de la Falda copper project in the Atacama Region, securing a 42.26% share.
Another sizeable project in the cards for the state company is a joint venture with world’s second largest lithium producer SQM to exploit the Salar de Atacama salt flat for lithium.
Theodor Lisovoy, Editor in Chief, Rough&Polished
