By Fabian Cambero SANTIAGO (Reuters) -Chile’s Codelco, the world’s largest copper producer, on Friday reported a swing into the black for its 2024 earnings, posting a pre-tax profit of $790 million compared to a loss of $757 million the previous year. The state-owned miner said output totaled 1.328 million metric tons, a touch above the […]
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Chile copper miner Codelco swings to profit in 2024
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By Fabian Cambero
SANTIAGO (Reuters) -Chile’s Codelco, the world’s largest copper producer, on Friday reported a swing into the black for its 2024 earnings, posting a pre-tax profit of $790 million compared to a loss of $757 million the previous year.
The state-owned miner said output totaled 1.328 million metric tons, a touch above the 1.325 million tons it reported for 2023 and landing within its target range.
Codelco said it began in August to post higher production figures than in the year before.
“In 2024 we succeeded in leaving the production valley,” it said in a presentation.
Codelco has previously said it aims to increase 2025 output to some 1.391 million tons, which it estimates could help it nearly quadruple its pre-tax net profit to $3.105 billion.
(Reporting by Fabian Cambero and Daina Beth Solomon; Writing by Sarah Morland; Editing by Kylie Madry)