In a year marked by both challenges and achievements, Codelco, one of the world’s leading copper producers, has seen a modest increase in its copper production for 2024.
This positive development was shared by Chairman Maximo Pacheco in an interview with the local newspaper Diario Financiero.
Pacheco revealed that the company’s copper output increased slightly, reaching between 1.328 million and 1.329 million metric tons—an improvement over the 1.325 million tons produced in 2023.
For Codelco, this represents a key milestone as they aim to recover from the production slump experienced in recent years.
Codelco: overcoming production challenges
Despite facing several obstacles, including construction delays at major mining sites and worker fatalities, Codelco has made significant efforts to meet its production targets.
In a statement, Pacheco noted,
We crossed the production valley in 2024 and are ready to start 2025 on the upswing, aiming to reach 1.7 million tons of fine copper by the end of the decade.
December figures, showing over 160,000 tons produced, suggest the company is on track for an upward trajectory.
Codelco has recently grappled with declining ore quality and logistical issues, which had previously brought production to its lowest point in 25 years.
However, Pacheco highlighted the strong finish to 2024, with the company performing much better than at the start of the year.
Codelco expanding into lithium
In addition to its copper business, Codelco is now venturing into the growing lithium industry.
This move aligns with the goals of President Gabriel Boric’s administration, which in 2023 tasked Codelco with advancing Chile’s lithium ambitions.
Codelco is starting from scratch in the lithium market, with plans to help position Chile as a leading global producer. Pacheco expects binding offers for the Maricunga lithium project by early 2025, with construction slated for 2027 and production anticipated by 2030.
Additionally, Codelco has partnered with local lithium company SQM to explore the Atacama salt flats, a region renowned for its vast lithium reserves.
Codelco’s entry into lithium comes at a pivotal time, as demand for lithium surges, driven by the global shift towards electric vehicles and renewable energy.
With the need for lithium becoming increasingly urgent, Codelco’s move into this market is both timely and strategic.
Pacheco’s vision integrates a boost in copper production with an expansion into lithium, positioning Codelco for long-term growth.
This diversification not only aims to insulate the company from fluctuations in copper prices but also to create new revenue streams as the energy market evolves.
As Codelco enters 2025, the company is focused not only on overcoming recent challenges but also on capitalizing on its strengths in both copper and lithium production.
By expanding into emerging resources while reviving copper output, Codelco is taking steps to secure its place as a key player in the global mining industry.
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