- Write by:
-
Sunday, April 28, 2024 - 17:29:39
-
74 Visit
-
Print
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — the latest sign of supply-side struggles that have helped send metal prices to two-year highs.
The state-owned company’s wholly-owned mines produced 295,000 metric tons, down 9.6% from the first three months of last year, Codelco reported Friday. The result was telegraphed earlier this month by chairman Maximo Pacheco, who said the first quarter came in at 99% of an internal target.
Pacheco and chief executive officer Ruben Alvarado are gunning for a slight increase in 2024 after a yearslong slump due to setbacks at projects and mines. CEO Alvarado has shaken up management in a bid to finish late and over-budget projects that are key to tapping richer areas of its ore bodies.
The company is getting some relief via lower operating costs, which drove up earnings last quarter. Its finances will also benefit from higher metal prices.
Still, Codelco is enduring another setback as one of its mines continues a gradual ramp-up after a fatal accident in March at a time when its Chuquicamata underground operation is closed for maintenance and a rock collapse last year hinders output at the giant El Teniente mine. That may make for an uphill battle to achieve annual guidance of 1.33 million tons to 1.39 million tons.
Codelco’s plight is one of several supply disappointments fueling speculation that mines will struggle to meet a coming wave of demand from green industries. BHP Group’s bid for Anglo American Plc this week highlights that many miners would prefer to buy rivals than develop new projects.
Short Link:
https://www.miningnews.ir/En/News/628319
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Peru’s copper production came in essentially flat for March at about 219,000 metric tons, government data showed on ...
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
No comments have been posted yet ...