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.

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.

The drill program was following up on the 2022 discovery hole, which returned 0.13% coper over 345.5 metre.

Lumwana will have a projected annual production of around 240,000 tonnes per year over a 30-plus-year life.

This represents a 40% improvement over the figure in 2021 and 46.3% higher than the C$12.3 billion reported for 2018.

The criminal scam cost the copper producer about €169 million last year.

This capital will fund the company's gold, copper and cobalt expansion plans.