Chile: Codelco reports 8% drop in H1CY’24 copper output

In H1CY’24, Codelco’s copper production fell by 8.2% to 628,000 t due to a reduced output at El Teniente and Radomiro Tomic mines. Despite a 3.1% revenue drop to $8.0 billion, adjusted EBITDA surged 63.1% to $2.9 billion. Net debt rose to $20.0 billion. CODELCO targets 1.7 million tonnes (mnt) by 2030 and is expanding in lithium with SQM, as per latest report.