Chile's state-owned miner Codelco has announced its third quarter 2024 results and reported that its copper production rose 2% to 338 000 tons compared to Q3 2023.
Meanwhile, its year to date copper output decreased 5% to 918 000 tons as 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," Reuters quotes the company’s CEO Ruben Alvarado as saying.
Codelco announced that in January-September, its pre-tax profits amounted to $612 million, while in the first nine months of last year it recorded a loss of $76 million. The company's core profits reached $4 billion, up by nearly a quarter year on year.
The company’s copper production guidance for 2024 was lowered to 1.325 - 1.352-million tons, from 1.390 million tons earlier.
Theodor Lisovoy, Managing Editor, Rough&Polished
