The Association of Mining and Exploration Companies says Australia should introduce a 10% production tax credit or downstream producers.

Grappling with falling metal prices, the company has reported profit falls since the first quarter of 2022.

The Horne 5 mine is to be developed below the historic Horne mine, which was operational from 1927 to 1976.

Tin prices have dropped 20% to around $26,500 a metric ton, since hitting a six-month high at $32,680 in January last year.

Funds are adopting an increasingly bearish stance in the copper market, preferring to focus on a globally weak demand picture rather than signs of supply-chain stress.

Companies in other high-cost nickel-producing regions have announced restructurings and writedowns as prices have dropped.

On an adjusted basis, the company earned 27 cents per share for the three months ended Dec. 31.

Codelco's production has slumped to its lowest level in 25 years due to operational problems and delays in its expansion projects.