Chile's Codelco says 2023 copper production further hurt by heavy rains

Meanwhile, the copper giant is still struggling with operational issues and a drop in grade ores, that led to its lowest production in nearly a quarter century in 2022. Codelco has also been tasked with leading that government's effort to take control of the lithium industry. Additionally, the company's CEO Andre Sougarret announced that he was resigning from the company in June, citing "complexities" in running it. Codelco expects production to start recovering next year, the chairman added.

Chile's state-owned Codelco, the world's largest copper producer, expects a loss of about 7,000 metric tons of copper production in 2023 due to recent heavy rains, its chairman said Wednesday.

Speaking to reporters after a meeting with the country's finance ministry, chairman Maximo Pachecho said the company expects total production for 2023 to be in the lower range of the estimated 1.35 - 1.42 million metric tons. Meanwhile, the copper giant is still struggling with operational issues and a drop in grade ores, that led to its lowest production in nearly a quarter century in 2022.

Codelco has also been tasked with leading that government's effort to take control of the lithium industry.

Additionally, the company's CEO Andre Sougarret announced that he was resigning from the company in June, citing "complexities" in running it. Codelco expects production to start recovering next year, the chairman added.

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