Codelco logs December production setback

Chile’s top copper miners closed out 2023 unevenly, with state-run copper miner Codelco logging a setback in December, according to figures released on Monday by the Chilean Copper Commission (Cochilco).

Codelco saw production fall 8.3% year-on-year in 2023 to 1.424 million metric tons, with its production in December alone dropping 2.1% to 142,000 tons.

Codelco, the world’s largest miner of the red metal, has in recent years struggled with, falling production, operational issues and high debt.

Meanwhile, the BHP-controlled Escondida mine saw production climb 4.5% in the year, with December’s numbers up 3.5% to 88,500 tons in the month, Cochilco said.

The Collahuasi mine run by Glencore and Anglo American saw production rise 0.4% in 2023, with a 17.5% increase in December to 60,300 tons.

Total copper production in Chile dipped slightly by 0.2% in December to 494,700 tons, Cochilco said.

(By Fabian Cambero; Editing by Alexander Villegas)