Chile’s state-run copper giant Codelco produced 125,500 metric tons of the metal in November, up 18% year-on-year, but still fell behind its target for the month, an internal document obtained by Reuters showed Friday.
The miner’s output was 3% lower than expected, according to the document titled “Preliminary Corporate Results” and dated in December. The only divisions to meet their target were the massive El Teniente and the smaller Radomiro Tomic.
Codelco did not immediately respond to a request for comment.
The copper giant, which is the world’s biggest producer of the red metal, has been aiming to quicken production to meet its 2024 target after levels in the last two years hit a quarter-century low.
After November’s performance, Codelco will still need to produce more than 161,000 tons of copper in December to reach the low-end of its target, which the company earlier this year put between 1.325 million to 1.352 million tons.
Senior company sources previously told Reuters that Codelco expects to end the year at 1.331 million tons, which would be 0.5% above last year’s output.
November production was hurt by delays at the Rajo Inca project at the Salvador mine, according to the document. It also showed lower recovery and processing at the Andina, Chuquicamata and Gabriela Mistral units and lower ore grades at Ministro Hales.
Smelting and cathode production were also below Codelco’s target in November, according to the document.
(By Fabian Cambero; Editing by Anthony Esposito and Christian Plumb)
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