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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 at risk of insolvency as debt grows, CESCO report says
▼ + stars: | 2023-08-17 | by ( Julian Luk | ) www.reuters.com time to read: +4 min

REUTERS/Ivan Alvarado/File Photo Acquire Licensing RightsLONDON, Aug 17 (Reuters) - Chile's Codelco, the world's largest copper producer, is at risk of insolvency due to rising costs and a growing debt pile stemming from projects that missed output targets, Chile’s Centre for Copper and Mining Studies (CESCO) said in a report seen by Reuters. At the heart of Chile's mining industry, Codelco needs to revive it's copper production from a 25-year low. "Codelco has explained...it will not redirect its focus from copper production or divert resources from other areas," Codelco said in an emailed response. Codelco's production in the first half of 2023 was 633,000 metric tons of copper, the lowest in 25 years. Over the past five years, its copper production has dropped 17% and is expected to keep falling until 2025.

Persons: Ivan Alvarado, Codelco, Andre Sougarret, Sougarret, CESCO, Julian Luk, Fabian Cambero, Pratima Desai, Veronica Brown, Kirsten Donovan Organizations: REUTERS, for Copper, Mining Studies, Reuters, Codelco, Thomson Locations: Santiago, Chile

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