Codelco Posts Fresh Output Slump, Underscoring Copper Struggles [BNN Bloomberg (Canada)]
BHP Group Limited American Depositary Shares (Each representing two Ordinary Shares) (BHP)
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Source: BNN Bloomberg
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 “almost 300,000 tons” in the first quarter represented 99% of an internal target. Pacheco and Chief Executive Officer Ruben Alvarado are gunning for a slight increase in 2024 after a yearslong slump due to setbacks at projects and mines. CEO Alvarado has shaken up management in a bid to finish late and over-budget projects that are key to tapping richer areas of its ore bodies. Read More: Why the World Needs More Copper — a Lot More Copper: QuickTake Still, Codelco is enduring another production setback as one of its mines continues a gradual ramp up after a fatal accident in March at a time when its Chuquicamata underground operation is closed for maintenance. That makes for an uphill battle to achieve annual guidance of 1.33 million tons to 1.39
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- 5/2/24 - Form 6-K
- 4/29/24 - Form 6-K
- 4/25/24 - Form 6-K
- BHP's page on the SEC website