Chile’s state-owned miner, Codelco, has downwardly adjusted its copper production forecast for 2023 due to ongoing operational challenges. The new projection is between 1.31 to 1.35 million metric tons, down from the initial estimate of 1.35 to 1.45 million tons. This change comes after a recent rock explosion at El Teniente, its largest mine. In the first half of 2023, Codelco’s pre-tax profits dropped by 86%, alongside a 14% decrease in copper production from the previous year. The company also recorded a 3% decrease in average copper sales prices and an 11.3% drop in sales volumes.

Source: https://www.mining.com/web/codelco-posts-86-profit-plunge-as-copper-output-declines-further/