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After the El Teniente mine accident, Codelco lowers the 2025 production guidance
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Release time：2025-08-22
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The decline in production means a loss of 340 million USD (328.33 billion pesos), slightly higher than Codelco's estimated loss of 300 million USD last week.
According to Reuters quoting Ruben Alvarado, CEO of Chilean copper mining giant Codelco, due to an accident at its El Teniente copper mine resulting in a production decrease of 33,000 tons, the company announced a downward revision of its 2025 production forecast. The El Teniente copper mine is currently expected to produce 316,000 tons this year. The production decline means a loss of $340 million, slightly higher than the $300 million estimated by Codelco last week. On July 31, an accident occurred in the El Teniente mining area, causing six deaths. The accident happened near the new Andesite section of the mine's extensive underground tunnel network. This incident forced a temporary halt to mining operations. Chairman Maximo Pacheco stated in an interview with Reuters that the reopening of the Andesite mine will only be decided after completing an internal investigation.
Earlier this month, the Chilean Labor Bureau approved a partial and gradual resumption of underground operations at the El Teniente mine. Pacheco also mentioned that the latest total copper production guidance will be released alongside the company's first-half financial results. Due to the accident, the first-half financial results release was postponed from August 1. Despite setbacks, Codelco remains committed to its long-term goal of achieving an annual copper production of 1.7 million tons by 2030. In March this year, the company set a 2025 production target of 1.37 to 1.4 million tons, slightly higher than the previous year's output. In a recent report, Codelco detailed the progress of the El Teniente division's safety and phased restart plan, as well as ongoing support for the families of the deceased workers.
The company reported that nearly 17,970 employees and partners participated in reflection, support, and training sessions, and assistance continues to be provided to affected families. The mining company's operational update shows that multiple areas within the mine are active, including Diablo Regimiento, Esmeralda, Pacífico Superior, Panel Esmeralda, Panel Reno, and Pilar Norte.
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