Codelco expects flagship mine production to stagnate in the coming years after an accident occurs

Chile’s state-owned copper company Codelco expects its largest copper mine, El Teniente, to maintain its current low production levels in the coming years as the state enterprise continues to grapple with the ongoing effects of the worst mining accident in Chile in decades. An official from the company recently stated that by the end of this decade, El Teniente’s annual output may remain around 300,000 tons. This is below the approximately 356,000 tons produced in 2024. The rock burst in July, which resulted in six deaths, has forced the company to reconsider its mining plans in deeper areas. The prospect of stagnant production at this massive underground mine highlights the current supply tightness, which is one of the reasons copper prices have surged to record highs. The official mentioned that after experiencing operational and project setbacks, Codelco is seeking assistance from other mines to gradually restore the company’s overall production.