Chile's Codelco expects flat copper output in coming years, chairman says

By Fabian Cambero

SANTIAGO, ‌July 15 (Reuters) - Chile's ​state-run ​copper miner Codelco expects production in the coming years to stay similar to current levels, ‌chairman Bernardo Fontaine said on Wednesday, when asked ⁠if the company was on track to meet its target of ‌1.7 million metric tons ‌a year by 2030.

The miner is working to recover from a slump in 2022 and 2023 when production ​fell to two-decade lows. Last year's production at Codelco's own mines stood at 1.33 million tons.

"It is ⁠very possible that it sits at a production rate quite similar to the ​one it has today," Fontaine told a congressional committee.

He added that the company's structural projects, ​designed to counter declining ore ‌grades, had faced unexpected delays and costs.

The El Abra copper mine, where Codelco holds a ⁠49% stake alongside majority-owner Freeport McMoRan, could be a good option to focus investment, he noted.

The U.S. miner has planned ⁠a $7.5 billion expansion project at the mine.

"It has a very significant ​investment project, so it must be evaluated very carefully. Perhaps that is the best project whre we could invest whatever resources ‌we are able to get," Fontaine said.

Chile's copper agency Cochilco expects to release a preliminary ‌audit of Codelco's production in September, after scrutiny over ⁠whether the company improperly ‌included some 20,000 ​metric tons of copper in a 2025 production report.

(Reporting by Fabian Cambero, Editing by Daina Beth ‌Solomon)

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