Claudio Sougarret, the head of operations at Codelco's El Teniente mine, said on Tuesday that production at the site will remain at a lower level for around the next five years following last year's deadly incident that affected output.
Sougarret said the mine expects to produce 301,000 metric tons of copper this year. "We hope to be able to push that up a bit," he added, while cautioning that volumes would "likely be around there, and will be there for the next five years."
The company had previously indicated that production would be impacted for the next three years. That earlier estimate has since been revised as operations continue to contend with the consequences of the collapse that killed several workers and left a portion of the mine shuttered.
Regarding recovery prospects, Sougarret said the company is relying on technical studies to determine whether ore can be reclaimed from the affected area. "We hope that, based on the studies weve done, were able to recover the minerals on the north side (of the mine)," he said.
The comments underline a sustained period of constrained output at one of the world's largest copper-producing sites. Management expectations for production this year and the projected multi-year shortfall reflect the ongoing operational and safety-related challenges associated with the collapsed area and the steps required to assess and potentially restore access to mineral-bearing zones.
What this means
- El Teniente's near-term output will be subdued, with management forecasting roughly 301,000 metric tons of copper this year and anticipating similar levels for several years.
- A section of the mine remains closed following a collapse that resulted in multiple fatalities; recovery efforts depend on the outcome of technical studies.
- The company has adjusted its earlier three-year production impact estimate to reflect a longer, about five-year, period of depressed output.