Codelco has launched its 2024 outcomes during which it stories a major turnaround from its manufacturing complications of earlier years – it closed the 12 months with EBITDA of US$5.439 billion and a contribution to the Treasury of US$1.534 billion – up 30% and eight% respectively.
Codelco CEO Rubén Alvarado acknowledged: “After a decline in manufacturing between 2022 and 2023, we centered on overcoming outdated operational occasions, in addition to delays in structural tasks that have been nonetheless negatively impacting our manufacturing targets, to start a gradual exit from the manufacturing valley we have been in.”
He provides: “Particularly, throughout 2024 we resolved some long-standing issues, which allowed us so as to add 1,328,425 t of our personal copper, 3,871 t greater than the earlier 12 months. This enchancment was concentrated within the second half of 2024. What is critical is that manufacturing started to rise in August and consolidated over the months till the tip of the 12 months.”
Amongst different operational occasions that the corporate has begun to beat is the pit wall slide that occurred in late 2021 on the Ministro Hales Division. After two and a half years, the corporate was capable of improve manufacturing with the parallel improvement of three extra phases – phases 7b, 7c, and eight – which now enable for larger flexibility in mine improvement. In consequence, mine throughput elevated by a mean of 18%.
On the El Teniente Division, in the meantime, the 2023 rock explosion resulted in a drop in processing on the concentrator from a mean of 140,000 t per day to 123,000 t. “After intensive work to restore the galleries and affected infrastructure, beginning in July 2024, one 12 months after the occasion, we exceeded a mean of 138,000 t per day, thus recovering the manufacturing capability of that space and growing divisional manufacturing since September,” defined Alvarado.
In Chuquicamata, processing on the concentrator plant elevated to over 169,000 t per day, an enchancment related to operational continuity and the steadiness of the fabric dealing with system, regardless of different challenges, together with the restore of the conveyor belt in April and main upkeep of the concentrator in October.
“Moreover, the requirements restoration plan that started three years in the past at Andina allowed us to attain a constructive development within the concentrator’s operational continuity in 2024. Thus, whereas in 2023 the common processing charge was 70,000 t per day, this 12 months it added 11,000 t extra, a historic determine for this division,” the manager defined.
Nevertheless, on the Radomiro Tomic Division, following the tragic deadly accident in March, mine operations have been fully halted, returning to regular operations solely in June. This, coupled with a depletion of oxide ore, resulted in a 14% drop in manufacturing in comparison with 2023.
In the meantime, on the Salvador Division, the delay within the Inca Pit challenge prevented compliance with the plan, leading to 54% decrease manufacturing than in 2023.
Complete copper manufacturing, which incorporates the state-owned firm’s personal manufacturing plus its 49% stake in El Abra, 20% in Anglo American Sur, and 10% in Quebrada Blanca, totalled 1,441,886 t
Direct prices (C1) reached 199.1 cents per pound (c/lb), a 2% lower in comparison with the earlier 12 months, primarily as a result of a beneficial change charge and decrease enter prices. Internet cathode price (C3) additionally decreased 2%, reaching 328.4 c/lb, for a similar causes talked about above, regardless of greater non-operating bills.
As of December 2024, consolidated EBITDA (earnings earlier than curiosity, taxes, depreciation, and amortisation, and earlier than the Reserved Copper Regulation) amounted to US$5.439 billion, 30% greater than in 2023, when it reached US$4.184 billion. The variation is principally as a result of a better copper gross sales value, decrease prices, and improved non-operating outcomes. The margin, in the meantime, was 32%. In consequence, consolidated contributions to the Treasury elevated by 8%, reaching US$1.534 billion, in comparison with US$1.426 billion in 2023.
Structural tasks
In 2024, the primary section of the continuity infrastructure for Degree 1 of the Chuquicamata underground mine (which started operations in 2019) reached 73% completion, and the prefeasibility research for Degree 2 is anticipated to be accomplished in 2025.
Throughout 2024, the reformulation of the Rajo Inca challenge was authorised, which is able to lengthen the operation of the Salvador Division for roughly 40 years. Prestripping was accomplished, and commissioning of the concentrator started, reaching a complete of 90% completion. The ramp-up of the plant and complementary works is anticipated to be accomplished in 2025.
The Andina Switch challenge, whose main objective was to relocate the present main crushing plant to permit continued open-pit mining operations, started operations in April 2024.
In the meantime, the consolidated results of the geotechnical challenges, manifested by rock bursts and varied market conditions, impacted the short- and medium-term projections of the three tasks related to El Teniente. In any case, the reformulation course of for Andes Norte was accomplished in 2024, with a progress of 63% (77%, contemplating the preliminary funding within the New Mine Degree) and Diamante (40% completion); whereas Andesita reached 64% completion. Manufacturing at Andes Norte and Andesita is scheduled to start in 2025.
