Commodities
Codelco Output Keeps Falling, Underscoring Copper Struggles
- Chile’s state miner is battling to emerge from yearslong slump
- Earnings got a boost from a decline in operating costs
This article is for subscribers only.
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — the latest sign of supply-side struggles that have helped send metal prices to two-year highs.
The state-owned company’s wholly-owned mines produced 295,000 metric tons, down 9.6% from the first three months of last year, Codelco reported Friday. The result was telegraphed earlier this month by Chairman Maximo Pacheco, who said the first quarter came in at 99% of an internal target.