From Yahoo Finance: 2025-04-25 13:41:00

Chilean miner Codelco saw a slight increase in production in the first quarter, but exchange-rate effects led to a 53% drop in pre-tax profit, falling to $213 million. Output totaled 296,000 metric tons, with total production, including partnerships, rising to 324,000 metric tons.

Codelco aims for copper production between 1.37 million tons and 1.4 million tons this year, after boosting output for the second consecutive year. Rains and a February blackout reduced refined copper production by 10,000 tons. EBITDA fell nearly 12% to $1.35 billion due to a weaker local peso.

The Chilean peso appreciated by 2.76% from March 2024 to March 2025. Rising costs from planned maintenance and equipment leasing were partially offset by lower input prices. El Teniente mine’s Andesita section is set to start production in the second quarter, with Andes Norte to follow in the third.

The concentrator at Rajo Inca in Codelco’s Salvador Division is expected to be fully operational in the third quarter. Overall, Codelco faces challenges in production and profitability due to various factors affecting the copper market.



Read more at Yahoo Finance: Chilean miner Codelco’s pre-tax profit tumbles on FX effects