Commodities
Codelco Lowers Copper Output Guidance as Chile Mining Woes Worsen
- Codelco production hit by Chile mine mishaps, project delays
- State company raises cost projection as ore grades deteriorate
The Codelco Chuquicamata open pit copper mine near Calama, Chile.
Photographer: Cristobal Olivares/BloombergThis article is for subscribers only.
Codelco, the world’s biggest copper supplier, lowered its annual production guidance and raised cost estimates after another disappointing quarter at its mines and projects in Chile.
The state-owned behemoth’s output is running at the lowest in a quarter century, prices are down and costs are up — all at a time when the world needs more copper for batteries and electric grids in the shift away from fossil fuels.