Foreign media news on August 2: Maximo Pacheco, chairman of Codelco, Chile's state-owned copper company, spoke at an industry breakfast meeting in Santiago on Wednesday, saying that the company's copper production fell unexpectedly sharply this year, but Things will get better in the future. He expects production to start growing.
A few days ago, the state-owned copper giant cut its annual production forecast for 2023 to the lowest level in 25 years and raised its cost forecast. Production declines at the copper mine accelerated due to project delays and mine accidents. Pacheco said the project delays were due to implementation rather than a lack of funds.
As ore grades decline, the copper industry is finding it increasingly difficult and costly to develop new mines as it faces supply chain disruptions, inflation and construction bottlenecks. Still, Pacheco said Codelco will invest $3.5 billion to $4 billion a year in capital to ensure production for the next 50 years.
Codelco will also become a major player in the lithium industry after Chilean President Gabriel Boric appointed Codelco to represent the country in a new public-private partnership model. Pacheco said that negotiations with SQM, Chile's largest lithium producer, are advancing and a target deal is expected to be reached by the end of the year.
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