en.Wedoany.com Reported - Bernardo Fontaine, chairman of Chile's state-owned copper company Codelco, said on Wednesday that the company expects its production to remain near current levels in the coming years. He was responding to a question about whether Codelco could achieve its target of producing 1.7 million tons of copper annually by 2030.

The copper giant is striving to recover from a downturn in 2022 and 2023, when its output fell to a two-decade low. Last year, Codelco's own mine production was 1.33 million tons.

"It is very likely that production will remain at roughly the current level," Fontaine said during a congressional committee hearing. He added that structural projects aimed at addressing declining ore grades have faced unexpected delays and rising costs.

Fontaine noted that El Abra copper mine, in which Codelco holds a 49% stake and is controlled by Freeport-McMoRan, could be a suitable option for key investments. The U.S. miner has planned a total $7.5 billion expansion project at the mine. "It has a very significant investment project, so it must be carefully evaluated. Perhaps this is the best project we can invest in using existing resources," Fontaine said.

Chile's Copper Commission (Cochilco) is expected to release a preliminary audit report on Codelco's production in September. This follows scrutiny after the company improperly included approximately 20,000 tons of copper in its 2025 production report.