“ This quarter we broke the trend and began to recover production. We will maintain all efforts to ensure that the indicators continue to improve towards the end of the year ,” said Rubén Alvarado, CEO of Codelco, in the company’s quarterly results statement.

The accumulated production of 918 thousand tons does not reach to exceed the first nine months of 2023, but the gap is definitely narrowing: in the first quarter the difference with respect to the previous year was -9.6%, while in September it decreased to -5%. Production for the quarter increases 2% compared to the same period last year, and August together with September exceed this indicator compared to the same months of 2023: “ This progress has been the result of various operational initiatives deployed to mitigate, on the one hand, the effects of the unfortunate fatal accident that occurred in March in the Radomiro Tomic Division that stopped that operation for more than a month and, on the other, the delay in the entry into production of Rajo Inca ”, explained Alvarado.

The direct cost of production (C1) remained in line with the previous period (205 c/lb this quarter, 204.3 in the third quarter of 2023), while the net cost to cathode (C3) registered an increase of 4.9%, which is mainly due to lower production in some operations, the development of mining plans that seek the recovery of productive sectors, such as those implemented in the Ministro Hales Division, and finally, the closing of four collective negotiations, among which stands out that of the El Teniente Division, which reached an agreement for the benefit of more than three thousand workers, within the framework of the continuity of the strategic plan agreed with unions and federations.

The economic indicators, for their part, continued to show improvements, significantly favored by the price of copper and the exchange rate. The consolidated EBITDA (earnings before taxes, interest and depreciation) stands out, reaching US$ 4,022 million, which implies an increase of 24% compared to 2023, when it was US$ 3,237. The consolidated profit also had a substantial increase, going from US$ 19 million to US$ 227 million between both quarters of each year.

Contributions to the treasury up to September amounted to US$ 1,064 million, which, although it represents a very slight decrease of -3.4% compared to 2023, " allows us to maintain the goal of annual contributions committed to the Ministry of Finance, around US$ 1,500 million ," said the executive president.

Investment Portfolio Progress

In the third quarter, the level of investment executed by the company reached US$ 3,531 million, which allows us to project a historic year with a Capex that will soar above US$ 4,500 million by the end of 2024, in line with the higher level of execution of the Corporation's project portfolio.

The company's structural projects continue to advance. At the end of the quarter, the portfolio's budget execution compliance reached 116%, while physical progress compliance was 108%, both indicators above the plan.

From the Teniente Project Portfolio, Andesita, with 57.6% progress, began mineral extraction activities. It will begin production in the coming months. Andes Norte (new Mine Level), meanwhile, shows 75.7% progress with respect to the reformulated project program, a development that managed to overcome the effects of the rock bursts of the previous year and contemplates the start of mineral extraction during the first quarter of 2025.

At Rajo Inca, with 87.7% of total progress, the works at the mine are finished. Its prestripping was executed in an exceptional manner despite its complexity and the contingencies caused by the non-compliance of the previous contractor. There is already mineral in sight to begin treatment at the plant, which is in the process of operational testing to subsequently begin production during the last months of this year.

The first phase of the Chuquicamata Underground Level 1 infrastructure reached 67.2% progress. Meanwhile, Traspaso Andina continues the ramp up of the second crushing line that began in April 2024.

The desalination plant for Northern Operations, which is being built in Caleta Viuda, south of Tocopilla, has a physical progress of 52%, so its entry into operation is maintained for early 2026.