Chairman Pacheco also said the company would maintain capital spending next year at $4 billion, roughly in line with 2023.

New CEO Jack Lundin said the company is conducting risk analysis before finalizing strategic partners to help develop the Josemaria copper-gold mine.

Alejandro Rivera resigned as CFO a day after Codelco’s investment-grade credit rating was cut one notch by Moody’s.

The Yaramoko mine in Burkina Faso also saw a 25% increase in production.

While Chile’s trade with China surpassed $65 billion last year, most of its exports are dominated by copper and much of it is shipped in the form of concentrates

The project is positioned to be the largest copper mine in Colombia, the company says.

Ganfeng Lithium and Tianqi Lithium have plunged 51% and 32% respectively since January.