Codelco Sees Copper Production Slump at Aging Mines in Chile
- Higher costs and lower prices further undermined earnings
- CEO says production levels will be recovered by end of decade
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Codelco’s first-quarter copper production and sales slumped as the world’s biggest supplier of the metal struggles to recover from a dip in ore quality and setbacks at its mines and projects in Chile.
The state-owned behemoth’s output is near the lowest level in a quarter of a century, underscoring the copper industry’s battle to maintain output as new deposits become trickier and pricier to develop. That’s fanning concern over a looming shortage as demand for the wiring metal takes off in the shift away from fossil fuels.