{"id":42323,"date":"2023-07-30T15:16:13","date_gmt":"2023-07-30T19:16:13","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/chiles-codelco-sees-lower-copper-output-more-stoppages-in-2023\/"},"modified":"2023-07-30T15:16:15","modified_gmt":"2023-07-30T19:16:15","slug":"chiles-codelco-sees-lower-copper-output-more-stoppages-in-2023","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42323","title":{"rendered":"Chile’s Codelco sees lower copper output, more stoppages in 2023"},"content":{"rendered":"
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\u00a9 Reuters. A virtual operations center of Chile’s state-owned Codelco, the world’s largest copper producer, is seen during its inauguration in Santiago, Chile, December 1, 2021. REUTERS\/Fabian Cambero<\/span>
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SANTIAGO (Reuters) -Chile’s state miner, Codelco, on Friday cut its output forecast for 2023 and said it expects more halts in production during the second half of the year, following months of declines.<\/p>\n

The miner expects to have a yearly production of between 1.31 million-1.35 million metric tons from 1.35 million-1.45 million tons previously forecast, it said on Friday, as it reported that pretax profit fell 86% in the first six months of this year.<\/p>\n

The new forecast follows a recent rock explosion accident in its biggest mine, El Teniente, which has affected parts of the area’s project developments and a productive area in the north of the mine, it said. This will hamper production in the remainder of the year, it added.<\/p>\n

The miner’s pretax profit landed at $329 million for the first half of 2023, while its copper output slipped 14% year-on-year to 633,000 metric tons, extending a slowdown reported in the first three months of the year.<\/p>\n

Codelco’s average copper sales prices fell 3% and sales volumes shrank 11.3%, while direct production costs rose 41.3% to hit about $2.12 per pound, from $1.506 the year before.<\/p>\n

Codelco, whose production fell to its lowest level in a quarter-century last year, has faced a series of adverse weather and operational problems, including the death of a contract worker at El Teniente in June.<\/p>\n

The company has also been tasked with leading talks with private companies in Chile’s push to increase state control over the country’s vast lithium industry. <\/p>\n

Chile is the world’s top copper-producing country and No. 2 for lithium, key to powering the booming electric vehicle industry, though Codelco does not mine any lithium.<\/p>\n

Chief Executive Andre Sougarret recently decided to step down by the end of August. Codelco has yet to name a successor.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. A virtual operations center of Chile’s state-owned Codelco, the world’s largest copper producer, is seen during its inauguration in Santiago, Chile, December 1, 2021. REUTERS\/Fabian Cambero SANTIAGO (Reuters) -Chile’s state miner, Codelco, on Friday cut its output forecast for 2023 and said it expects more halts in production during the second half of […]<\/p>\n","protected":false},"author":1,"featured_media":1886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-42323","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nChile's Codelco sees lower copper output, more stoppages in 2023 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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