Codelco Lowers 2025 Copper Guidance at El Teniente

Codelco mine

Codelco lowers 2025 copper guidance at El Teniente after a fatal seismic incident. The pause removed 33,000t from output and lifted losses to $340mn. Therefore, Codelco lowers 2025 copper guidance at El Teniente as damaged sectors remain offline. Guidance updates will follow in the coming days.

Operations are only partly restored while several zones stay halted. Recursos Norte, Andesita, Andes Norte, and Diamante face structural damage. Meanwhile, ore movements resumed, with 76,400t sent to Colon and 9,900t to Sewell. As a result, Codelco lowers 2025 copper guidance at El Teniente despite incremental throughput.

Safety, Timeline, and Production Impact

The incident occurred on 31 July after an earthquake triggered a rockfall. Six workers tragically lost their lives in the Andesita region. The mine is the world’s largest underground copper operation. However, full-area inspections continue to constrain mining fronts. Therefore, 2025 guidance must reflect narrower access and slower sequencing.

Market Implications and Near-Term Priorities

Copper supply risk rises as Chile’s flagship asset pares plans. Price effects hinge on the duration of sector closures and mill feed. Codelco prioritizes geotechnical remediation and safe restart protocols. As a result, near-term volumes rely on alternative stopes and stockpiles. Investors should track repair milestones and concentrator stability.

The Metalnomist Commentary

This cut reinforces how geotechnical shocks can reshape copper balance sheets fast. Expect tighter Chilean guidance until remediation unlocks high-grade panels. Watch repair cadence, dilution control, and smelter feed quality into 2025.