Codelco Cuts Copper Guidance as Accident Disrupts Recovery
The smelting area at the Codelco El Teniente processing facility in Machali, Chile in April.
Photographer: Cristobal Olivares/BloombergCodelco lowered its production guidance after a fatal accident at its biggest mine hindered efforts to recover from deteriorating ore quality, hurting the company’s chances of remaining as the world’s top copper supplier.
The Chilean state miner trimmed its output projection for 2025 and raised its cost forecast in a quarterly report distributed Friday after a July 31 accident at the El Teniente mine killed six people, injured nine and halted activities for more than a week. The report’s release was delayed from Aug. 1 because of the collapse.