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☆ Codelco says reassessing mine costs, will maintain capex
▼ + stars: | 2023-10-06 | by ( Pratima Desai | Julian Luk | ) www.reuters.com time to read: +2 min

LONDON (Reuters) - Chile’s Codelco, the world’s largest copper producer, is reassessing the cost structure at its mine projects, its chairman said on Friday, given recent overruns. FILE PHOTO: The logo of Codelco, the world's largest copper producer, is seen at their headquarters in downtown Santiago, Chile March 29, 2018. The company, which has some of the highest input costs for miners in Chile, said in July direct production costs during the first six months of the year jumped 41.3% to hit about $2.12 per pound, from $1.506 the year before. In response, Codelco said it had a solid financial position and broad access to financial markets. The South American country has the world’s largest lithium reserves.

Persons: Codelco, Ivan Alvarado, Maximo Pacheco, Pacheco, ” Pacheco, Alejandro Rivera, Rivera’s, Rodrigues, Blaine J, Maximo Pacheco’s Organizations: REUTERS, Reuters, London Metal Exchange, for Copper, Mining Studies, Moody’s Investor Services Locations: Santiago, Chile, London, China

☆ Chile's Codelco to meet obligations as financials deteriorate -JPMorgan
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

The logo of Codelco, the world's largest copper producer, is seen at their headquarters in downtown Santiago, Chile March 29, 2018. REUTERS/Ivan Alvarado/File Photo Acquire Licensing RightsSANTIAGO, Sept 26 (Reuters) - Chile's Codelco, the world's largest copper producer, will meet its financial obligations despite headwinds from a series of operational problems and from high levels of debt and investments, JPMorgan said on Tuesday. Codelco's copper production fell in 2022 to its lowest level in 25 years, exacerbated in part by delays to key projects for extending the lives of its mines. The company cut its production estimate for this year to between 1.31 billion and 1.35 billion metric tons of the red metal. Earlier this month, Codelco's Chairman Maximo Pacheco told lawmakers that the company was "financially solid" and described CESCO's forecast as "nonsense."

Persons: Ivan Alvarado, Codelco, Ian Snyder, Maximo Pacheco, Natalia Ramos, Marguerita Choy Organizations: REUTERS, Rights, JPMorgan, Chile's, for Copper, Mining Studies, Thomson Locations: Santiago, Chile

☆ Chile's Codelco to hand over 24,000 hectares for glacier park
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

An aerial view of Olivares glacier in the Andes Mountain range, near Santiago city, Chile November 17, 2014. REUTERS/Ivan Alvarado/File Photo Acquire Licensing RightsSANTIAGO, Sept 4 (Reuters) - Chilean state-owned mining firm Codelco will give up some 24,000 hectares of land it holds concessions to near the Andes mountain range for a new national glacier park, the chair of the board announced on Monday. The move is "a strategic initiative to face the challenges of climate change," Codelco chair Maximo Pacheco said at an event. The glacier park sits along the upper part of the Olivares and Colorado river basins, to the east of the capital. Reporting by Fabian Andres Cambero; Writing by Valentine Hilaire; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Olivares, Ivan Alvarado, Codelco, Maximo Pacheco, Maximiliano Proano, Fabian Andres Cambero, Valentine Hilaire, Josie Kao Organizations: REUTERS, Rights, Thomson Locations: Santiago city, Chile, Chilean, Santiago, Colorado

☆ Chile's Codelco must kick-start lithium industry while reviving copper output
▼ + stars: | 2023-06-19 | by ( Fabian Cambero | ) www.reuters.com time to read: +4 min

At the same time, Codelco wants to boost its output of copper which has slumped to its lowest in a quarter-century. Some analysts have questioned whether the copper company with no experience as a lithium miner can tackle both challenges at once. But industry insiders told Reuters Codelco will probably focus its own resources on copper while negotiating contracts for lithium operations and letting other miners do the work. The sources said the lithium strategy was being led by executives including Jaime San Martin, manager of new business development, known by some within Codelco as "lithium man". "But I think lithium is an excellent opportunity for Codelco to help them navigate their very difficult copper situation."

Persons: Ivan Alvarado, SANTIAGO, Gabriel Boric, Codelco, Reuters Codelco, Albemarle, Jaime San Martin, Alejandro Rivera, Maximo Pacheco, Minera, SQM, Pacheco, Juan Carlos Guajardo, Plusmining, Guajardo, Andre Sougarret, Fabian Andrés Cambero, Alexander Villegas, Adam Jourdan, David Gregorio Our Organizations: REUTERS, Reuters, Tesla, BMW, Finance, Salares, Thomson Locations: Chile, Australia, Albemarle, Indonesia, Freeport, McMoRan, Chile's, Berlin, Beijing, Codelco, Santiago

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