Codelco Boosts Copper Production in 2025 Despite Challenges - News and Statistics - IndexBox

Santiago, April 7, 2025 - Chile's state-owned copper giant, Codelco, has reported a boost in production for the first quarter of 2025, despite facing challenges such as a national power outage and ongoing trade tensions between the U.S. and China. According to a report by Reuters, Codelco's Chairman Maximo Pacheco expressed optimism about the long-term demand for copper, driven by the global energy transition.

In the first quarter of 2025, Codelco's copper output slightly surpassed the production levels of the same period in 2024. Despite a national blackout in February that temporarily hindered operations, the company remains on track to achieve its production target of between 1.37 million and 1.4 million tons for the year. This comes after a significant low in 2023, marking a second consecutive year of recovery.

Pacheco emphasized the resilience of copper's long-term fundamentals, despite market fluctuations caused by recent U.S. tariffs. He highlighted the company's strategic shift towards more flexible operations to accommodate fluctuating global demands. Codelco has increased spot sales to the U.S. as buyers look to stockpile copper in anticipation of further tariffs.

The company is also expanding its global partnerships, with recent efforts to strengthen ties with India, following a visit by Chilean President Gabriel Boric and a new supply agreement with the Adani Group. Additionally, Codelco is in discussions with Saudi Arabia, which is keen on securing copper and lithium resources critical for electric vehicle production.

Despite the February power outage impacting production by approximately 5,000 to 7,000 tons, Codelco successfully mitigated the impact, ensuring that quarterly output did not fall below last year's levels.

Data from the IndexBox platform supports this outlook, indicating a steady increase in global copper consumption driven by the burgeoning electric vehicle market and renewable energy projects.

Source: IndexBox Market Intelligence Platform

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