The world's largest copper producer expects its output of the red metal to fall further next year amid project delays. copper
Chile’s Codelco, the world’s largest copper producer, expects its output of the red metal to fall further next year amid project delays, local newspaper El Mercurio reported on Wednesday, citing the chairman of the state-owned miner’s board.to about 1.5 million tonnes last week, blaming lower recovery levels at some of its mines and ore grades at the Chuquicamata site. The company previously had expected to produce 1.61 million tonnes of copper this year.
Pacheco, who has been the miner’s chairman since March, said it was necessary to increase investments in “structural projects” that could offset the natural reduction in the mineral grades. “Structural projects are effectively behind schedule and over budget,” said Pacheco, describing discussions over the projects as a priority for Codelco’s board of directors. He did not provide further details.
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