Chilean state-run Codelco is pushing to increase its copper production, aiming to hit 1.331 million metric tons by the end of the year, according to sources and internal documents. This move comes after a slow start to the year, with the hope of surpassing last year’s output by 0.5% and achieving its 2024 target range.
In October, the company exceeded its production target by 2.9%, signaling a potential turnaround in its performance. Despite facing challenges such as construction errors and accidents, Codelco’s leadership is confident in reaching its annual production goals.
While the demand for copper continues to rise due to electric vehicles and green energy initiatives, Codelco’s production levels still lag behind previous peaks. Analysts emphasize the importance of considering the company’s ongoing crisis, even as it strives to meet its targets.