Chile’s state-run Codelco, the world’s largest copper producer, produced 172,000 fewer tonnes of copper in 2022, Chairman Maximo Pacheco said on Tuesday, marking a roughly 10% drop from output in 2021.
Speaking to an association of engineers in Santiago, Pacheco said 77% of the reduction was due to problems with operations while 23% was due to project delays.“We’ve had an extraordinarily eventful year,” Pacheco said, noting a collapse in the company’s Chuquicamata mine and a landslide at its Ministro Hales mine.
Codelco produced an estimated 1.446 million tonnes of copper in 2022, compared to 1.618 million tonnes in 2021. Other copper giants in Chile, like Antofagasta,Pachecho also said the investment plan for the El Teniente mine was $5.6 billion, which is 75% over budget compared to initial estimates. The Traspaso Andina project was also 21% over budget, reaching $1.7 billion.
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