Codelco Raises Loss Estimate From Collapse at Top Copper Mine

Codelco raised its loss estimate from a tunnel collapse at its biggest copper mine almost three weeks ago, a fresh setback to the state-owned firm’s efforts to recover from a production slump.

The El Teniente mine probably will produce 33,000 metric tons less this year than was projected before the July 31 accident that killed six people, Chief Executive Officer Ruben Alvarado told a Senate committee Wednesday. The financial loss was put at $340 million, he said.