Codelco's giant Chuquicamata mine is set for a 40% drop in production over ...
SANTIAGO - Codelco’s giant Chuquicamata mine is set for a 40% drop in production over the next two years, an internal forecast seen by Reuters shows, pointing to the sharp challenge facing the world’s top copper miner as it scrambles to maintain output.
Chile’s President Sebastian Pinera is expected to formally cut the ribbon on the revamped copper mine, often referred to as ‘Chuqui’, in coming months. That will drive overall Codelco production down 4% by 2021, according to the long-term business development plan. That would be steeper were it not for a planned production hike at the miner’s Radomiro Tomic prospect.The changes at Chuqui underscore the risk to Codelco’s global dominance amid a $39 billion overhaul of its key operations to try and counteract rapidly falling ore grades that are hitting top copper exporter Chile more broadly.
Plans for the underground project were drawn up early in the decade when copper prices were hitting all-time highs, then scaled back by chief executive Nelson Pizarro, known as “scissor-hands” for his focus on costs. That could mean pain for Chuqui workers, with some 1,700 expected to lose their jobs in coming years, putting Codelco’s powerful unions on edge.
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