Codelco's chairman said the company expects its copper production to fall further next year due to project delays. Last week, Codelco cut its 2022 copper production forecast to about 1.5 million tonnes, citing lower recovery rates at some of its mines and lower ore grades at Chuquicamata. The company had previously expected to produce 1.61 million tonnes of copper this year.
"The production outlook for 2023 is 1.45 million tonnes," said Maximo Pacheco, President of Codelco. Over the five-year period from 2023 to 2027, our best projections averaged 1.5 million tonnes." Pacheco, who has been chairman since March, said it was necessary to increase investment in "structural projects" to offset the natural decline in ore grades. "In order to maintain future production, we have to develop projects to maintain production levels, and we are facing difficulties in that regard," he said. He also said that "structural projects are actually behind schedule and over budget," and described discussions about the projects as a priority for Codelco's board, without providing further details.
Pacheco also said the rate of lithium extraction in Maricunga Salt Lake was lower than expected due to adverse weather conditions this year, but it expects a better result in the first quarter of 2023.
Codelco began exploring ultra-light metals, which are key to producing electric vehicle batteries, in Maricunga earlier this year. The area holds high-grade mineral deposits, although it is less than 5 percent of the size of Chile's vast Atacama Salt Lake, one of the world's largest lithium production areas.
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