Chairman of Chile's Codelco says the company expects copper production to remain flat in coming years

Codelco, the state-owned copper?miner in Chile, expects to maintain current production levels over the next few years, said chairman Bernardo Fontaine on Wednesday.

The miner has been working to recover after a?slump in 2022 and?2023, when production dropped to?two decade lows. Codelco produced?1.33 millions of tons at its own mines last year.

"It's very likely that the production rate is similar to what it has now,"?Fontaine said in a testimony before a congressional panel.

He also said that unexpected delays and costs had been incurred in the structural projects of the company, which were designed to counter declining grades of ore.

He noted that the El Abra copper mining, in which Codelco has a 49 percent stake along with majority-owner Freeport McMoRan could be "a good choice to focus investments".

The U.S. mining company has planned an expansion project at the mine worth $7.5 billion.

It is a significant investment project, and so it must be carefully evaluated. Fontaine stated that this project is perhaps the best place to invest what resources we have.

Cochilco, Chile's copper agency, expects to release in September a preliminary audit of Codelco’s production after a review into whether the company included 20,000 metric tonnes of copper incorrectly in its 2025 production report. (Reporting and editing by Daina Beth Solon)

(source: Reuters)