Chile's National Copper Corporation (Codelco) has begun to recover from a production slump that had threatened its position as the world's largest copper producer. The company's output showed year-over-year growth in both August and September.
Over the past year, Codelco’s production had plummeted to its lowest level in decades due to mine disruptions and project delays. However, the company’s chairman, Máximo Pacheco, reported a significant turnaround with August production increasing by about 5,000 tons and September by approximately 6,000 tons year-over-year.
Codelco expects its 2024 production to surpass last year's levels, despite a year-to-date 8.6% decline as of July. The company plans to release its 2025 production guidance later this year, which is anticipated to be higher than 2024's outlook.
