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Chile’s state-run copper giant Codelco produced 125,500 metric tons of the metal in November, up 18% year-on-year, but still fell behind its target for the month, an internal document obtained byand dated in December. The only divisions to meet their target were the massive El Teniente and the smaller Radomiro Tomic.
After November’s performance, Codelco will still need to produce more than 161,000 tons of copper in December to reach the low-end of its target, which the company earlier this year put between 1.325 million to 1.352 million tons.that Codelco expects to end the year at 1.331 million tons, which would be 0.5% above last year’s output.
November production was hurt by delays at the Rajo Inca project at the Salvador mine, according to the document. It also showed lower recovery and processing at the Andina, Chuquicamata and Gabriela Mistral units and lower ore grades at Ministro Hales. Smelting and cathode production were also below Codelco’s target in November, according to the document.Chile’s state-run copper miner Codelco and workers at its Chuquicamata mine have reached an early contract agreement, a union leader told Reuters Peru's top mining association SNMPE expects the country's 2025 copper output to hit around 2.8 million metric tons, matching 2023.
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