Codelco Targets Increased Copper Output in 2025 with $4.73 Billion Investment

Codelco plans to produce 1.391 million metric tons of copper in 2025, supported by an investment budget of $4.73 billion, according to an unpublished government decree cited by Reuters. The investment will be directed toward projects aimed at overhauling key mines to counteract declining ore grades.

In 2024, Codelco produced 1.328 million metric tons of copper with investments totaling $4.6 billion. The company did not respond to requests for comment from S&P Global Commodity Insights.

The Chilean state-owned miner has intensified efforts to restore copper production to 1.7 million metric tons annually by 2030, following a 25-year low in output in 2022. Recently, Codelco raised $1.5 billion to finance upgrades to its aging facilities. Additionally, the company plans to extend the operational life of its Gabriela Mistral copper mine in Chile to 2055 through an $800 million investment.