Latest News

Chile's Codelco sends more copper to the US after tariff threats

Chile's Codelco sends more copper to the US after tariff threats

Ruben Alvarado, the CEO of Codelco, Chile's world-leading copper producer, said that some of the company's spot sales have been directed to the United States.

In an attempt to rebuild U.S. manufacturing, U.S. president Donald Trump ordered in February a probe on potential new tariffs for copper imports.

Copper rush is on

Alvarado said that he didn't see any reason why copper should be subjected to a tariff or sanction, and he anticipated that the long-term fundamentals of copper demand would outweigh short-term fluctuations.

Codelco has reported an increase in its earnings for 2024, with a profit before tax of $790m compared to the loss of 757m the year prior.

The state-owned mining company reported that its output was 1.328 million metric tonnes, slightly above the 1.325 millions tons it had previously reported for 2023 but within target range.

Codelco has announced that it started in August to produce more than the previous year.

In a presentation it stated that "in 2024, we were able to leave the production valley." It added that it had reduced costs and solved some long-standing problems at some of its main complexes.

Production is also expected to begin at the Andesita division and Andes Norte this year.

Codelco expects its 2025 production to be between 1,370 and 1,400 million tons. (Reporting and writing by Fabian Cambero, Daina Beth Solon; editing by Kyrky Madry and Deepababington).

(source: Reuters)