Codelco Sees Production Drop, but Retains 2012 Output Goal

Reuters reported that copper production at Chile-based Codelco dropped to 767,000 tonnes during the first half of 2012, a decrease of 6.4 percent, due to harder rock, deeper deposits and lower ore grades.

As quoted in the market news:

[T]he world’s No. 1 copper producer said it still intends to produce around 1.7 million tonnes this year.

Still, during a press conference to discuss results, CEO Thomas Keller said “expected production for this year hasn’t been modified with respect to what we had budgeted.”

Codelco CODEL.UL has said it expects to produce 1.708 million tonnes of copper this year. It is implementing an ambitious investment plan to boost copper output to more than 2 million tonnes annually.

Click here to read the full Reuters report.